Culbreth tells GlobeSt.com that the tenant is consolidating operations from a Richmond facility and one in Chesapeake, where Diamond Hill leased at least 30,000 square feet. He says such moves are becoming more common now, especially among the building industries. "Folks in residential building and supplies--like plumbing, heating and cooling--are all" looking to maximize space at the lowest price right now, he says.
Porter tells GlobeSt.com that this part of the region will likely see further such consolidations, albeit perhaps not as substantive as the Diamond Hill lease. The tenant is sharing a rail spur at the facility with the owner, using it to target the Northern Virginia market, he says.
There is 70,000 to 75,000 square feet of space left to rent in the approximate 375,000-square-foot facility.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
