PNK Group to Build Richmond-Area Industrial Project
The company will develop the $80 million facility on 87 acres of land.
PNK Group plans to develop an 846,260-square-foot industrial facility in Colonial Heights, Va. The developer will invest nearly $80 million in the project, set to rise on a 86.6-acre site acquired last month.
The land changed hands for $12 million from Chester, Va.-based Emerson Cos., according to Chesterfield County public records.
With this development the New York-based company is entering the Virginia market through the Greater Richmond area, one of the top five cities in the Southeastern region for lowest Class A industrial vacancy. The area has grown into a regional leader and is continuing to attract logistics and manufacturing companies, such as FedEx, LEGO Manufacturing, Mondelez International or Nestle Purnia.
The facility will be at 1653 Ashton Park Drive. Developed as the first industrial project in the state designed with PNK Group’s technology, the property will be constructed using prefabricated elements, PNK Group-produced high-precision steel structural frames and other products sourced from the developer’s Georgia and Pennsylvania plants.
The development site allows for easy access in the Greater Richmond area, with interstates 95 and 295 nearby. Prince George, Va., is 16 miles away, while downtown Richmond, Va., and Richmond International Airport are within a 20 miles distance.
Big developments in the area
The Richmond metro closed the third quarter with a 30-basis-point drop in its industrial vacancy rate on a quarter-over-quarter basis, according to a recent Cushman & Wakefield report. Leasing activity in the metro amounted to 1.5 million square feet of space. Construction starts slowed, with speculative industrial projects accounting for 30.1 percent of the under-development pipeline.
Recent industrial developments in the area include Whitepine Logistics Center, a 498,000-square-foot campus in Richmond. A joint venture of Mixson Properties, Frampton Strategy Group and Singerman Real Estate recently secured $34 million in construction financing for the project.
In July, LS GreenLink USA Inc. has disclosed its plans to develop a 753,400-square-foot submarine power cable manufacturing plant in Chesapeake, Va. With construction scheduled to start next year, the $681 million project represents the largest capital investment for the city.
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