JLL Closes Nearly $79 Million Sale of VA Logistics Park
JLL represented the seller in the acquisition of the fully-leased, two-building, 923,400-square-foot portfolio, along I-95.
RICHMOND, VA – JLL Capital Markets has closed the $78.5 million sale of a two-building, class-A logistics park in Richmond, VA.
The fully-leased, I-95 Logistics Park totals 923,400 square feet of space along Interstation 95, south of the city’s downtown neighborhood. Situated on 60 acres at 4747 and 4949 Commerce Drive, the properties are located across the Interstate from the Richmond Marine Terminal, which offers container-on-barge service from Hampton Roads to Richmond.
The logistics park was completed in 2019 and is currently occupied by two tenants.
Senior managing directors, John Huguenard and Bruce Strasburg and Senior Director, Patrick Nally led the firm’s capital markets team in representing the seller, Panattoni Development Company Inc. JLL marketed the property on behalf of the seller. Cambridge Property Group structured the transaction on behalf of Logistics Park 95 LLC/Halle Enterprises.
JLL Capital Markets is a full-service, global provider of capital solutions for real estate investors and occupiers. Offering investment advisory, debt placement, equity placement and recapitalization solutions to clients, the firm employs more than 3,700 capital market specialists worldwide, with offices in nearly 50 countries.
JLL is a professional services firm that specializes in real estate and investment management. The Fortune 500 company currently operates in more than 80 countries, with a global workforce of more than 93,000 professionals and an annual revenue of $18 billion.
Specializing in industrial, office and build-to-suit development, Panattoni Development Company Inc. has developed more than 340 million square feet of space. The company currently has 24 offices throughout the US, Canada and Europe.