{"id":1004776411,"date":"2025-10-30T04:15:17","date_gmt":"2025-10-30T12:15:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004776411"},"modified":"2025-10-30T04:15:19","modified_gmt":"2025-10-30T12:15:19","slug":"lasalle-pays-71m-for-richmond-area-warehouse","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lasalle-pays-71m-for-richmond-area-warehouse\/","title":{"rendered":"LaSalle Pays $71M for Richmond-Area Warehouse"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a43a662f127b&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004776412\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lasalle-pays-71m-for-richmond-area-warehouse\/crescent-lasalle-axial\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Crescent-LaSalle-AXIAL.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Crescent-LaSalle-AXIAL\" data-image-description=\"&lt;p&gt;Image obtained from Crescent Communities&#8217; press release here: https:\/\/www.crescentcommunities.com\/media\/press\/crescent-communities-closes-sale-of-axial-gateway-95\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;AXIAL Gateway 95 sits 57 acres with Hillphoenix, a fridge manufacturer, being its sole tenant and fully occupying it. Image courtesy of Crescent Communities&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Crescent-LaSalle-AXIAL.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Crescent-LaSalle-AXIAL.jpg\" alt=\"Exterior shot depicting AXIAL Gateway 95, a warehouse in South Chesterfield, Va., that LaSalle Investment Management acquired for .5 million.\" class=\"wp-image-1004776412\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Crescent-LaSalle-AXIAL.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Crescent-LaSalle-AXIAL.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Crescent-LaSalle-AXIAL.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/Crescent-LaSalle-AXIAL.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">AXIAL Gateway 95 sits on 57 acres, with Hillphoenix, a refrigerator manufacturer, being its sole tenant and fully occupying the property. <em>Image courtesy of Crescent Communities<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>LaSalle Investment Management has purchased AXIAL Gateway 95, a 505,068-square-foot warehouse in South Chesterfield, Va., from Crescent Communities. The asset traded for $70.5 million, public records show. JLL Capital Markets advised the seller.<\/p>\n\n\n\n<p>AXIAL Gateway 95 came online last year, one year after Santander Bank had issued a $32.5 million construction loan, Yardi Matrix shows. A U.S. subsidiary of Kyushu Electric Power Co. also provided equity for the development.<\/p>\n\n\n\n<p>DMA Architecture designed the facility with KBD Group serving as general contractor and Timmons Group taking charge of civil engineering.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial-net-lease-sales-and-cap-rates\/\">2025 Industrial Net Lease Sales Volumes and Cap Rates<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Hillphoenix, a subsidiary of Dover Food Retail and manufacturer of refrigeration systems, fully leases the property. The company benefited from various grants and incentives, including a $900,000 subsidy from the Commonwealth\u2019s Opportunity Fund.<\/p>\n\n\n\n<p>The warehouse features 36-foot clear heights, 66 dock doors and a rear-load configuration with an 185-foot truck court depth. Parking arrangements allow for 436 cars and 115 trailers with the possibility of a future expansion.<\/p>\n\n\n\n<p>AXIAL Gateway 95 is at 6401 Walthall Industrial Parkway on 57 acres, roughly 18 miles south of downtown Richmond, Va., and less than 1 mile from Interstate 95. Richmond\u2019s port and airport are within 17 miles of the property.<\/p>\n\n\n\n<p>Crescent Communities develops multifamily and commercial properties. Its portfolio includes the AXIAL warehouses, which have a combined value of more than $921 million. The company\u2019s entire industrial footprint consists of 65 properties spanning roughly 14.5 million square feet of completed buildings and 3 million square feet of assets under construction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-lasalle-accelerates-industrial-acquisitions\">LaSalle accelerates industrial acquisitions<\/h2>\n\n\n\n<p>LaSalle Investment Management had $84.8 billion of assets under management in private and public real estate equity and <a href=\"https:\/\/www.commercialsearch.com\/news\/are-you-ready-for-the-refi-rumble\/\">debt investments<\/a> at the end of June. Since then, the firm has ramped up its stake in industrial assets.<\/p>\n\n\n\n<p>Just this month alone, it has made two other acquisitions in Washington from Panattoni. LaSalle bought out the developer\u2019s interest in a fully leased 681,780-square-foot warehouse the two companies built together in Vancouver, Wash., and it also acquired Panattoni\u2019s 458,707-square-foot fully leased property in Seattle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-richmond-tidewater-investors-stay-active\">Richmond-Tidewater investors stay active<\/h2>\n\n\n\n<p>Richmond-Tidewater&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-transactions\/\">industrial investment volume<\/a> clocked in at $573 million during the first three quarters of 2025, up 7.5 percent year-over-year, according to Yardi Matrix.<\/p>\n\n\n\n<p>Assets traded on average for $109.6 per square foot during this period. This was significantly below the $142 national average recorded in September, a <a href=\"https:\/\/www.commercialcafe.com\/blog\/national-industrial-report\/\" target=\"_blank\" rel=\"noreferrer noopener\">recent CommercialCafe report<\/a> shows. LaSalle paid $141.6 per square foot for its latest warehouse.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The buyer\u2019s industrial investments ramped up significantly this month.<\/p>\n","protected":false},"author":3471,"featured_media":1004776412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,11,21742,36153],"tags":[33484,44006,33722],"class_list":["post-1004776411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-midatlantic","category-latest","category-richmond-hampton-roads","tag-crescent-communities","tag-jll-capital-markets","tag-lasalle-investment-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LaSalle Pays $71M for Richmond-Area Warehouse - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"LaSalle Investment Management paid $70.5 million for AXIAL Gateway 95 in metro Richmond, Va. 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