Singerman JV Lands $34M for Richmond Industrial Campus

October 17, 2024

Industrial Development Finance Mid-Atlantic More News Richmond

The 498,000-square-foot project will comprise three facilities.

Exterior shot of Whitepine Logistics Center in Richmond, Va. — The three-building Whitepine Logistics Center will feature front-park, rear-load configurations and all facilities will have 32-foot clear heights. *Image courtesy of JLL*

A joint venture of Mixson Properties, Frampton Strategy Group and Singerman Real Estate has secured $34 million in construction financing for the development of Whitepine Logistics Center, a 498,000-square-foot industrial campus in Richmond, Va.

JLL worked on behalf of the joint venture to secure the note through Texas Capital and will also handle leasing efforts. Other project partners include architecture firm McMillian Pazdan Smith. Construction is set to begin this November, with completion scheduled for early 2026.

The three-building development will feature front-park, rear-load configurations with 32-foot clear heights, designed to accommodate multiple tenants. The 210,600-square-foot Building 1 will have 40 dock-high loading doors with levelers, two drive-in doors, 60 trailer stalls and 185-foot truck courts.

Building 2 will measure about 90,720 square feet and feature 18 dock loading doors and 135-foot truck courts, while Building 3 will span 196,560 square feet and feature 37 dock doors and 142 car parking spaces.

Located at 8800 Whitepine Road, the campus will be close to Chesterfield County Airport. Downtown Richmond is some 17 miles away, while the Richmond International Airport is within 18 miles.

JLL Debt Advisory Managing Director Taylor Allison, Senior Director Reina Abboud and Analyst Jovi Rodriguez led the team brokering the deal. JLL’s local Richmond team comprising Managing Directors Muscoe Garnett and Jake Servinsky, along with Senior Vice President Adam Lawson, will spearhead the leasing efforts for the project.

Richmond’s steady industrial sector

The Richmond market saw a 30-basis-point decrease in its industrial vacancy rate from the second to the third quarter of this year, according to a Cushman & Wakefield report. The metro was slow in construction starts, with speculative projects accounting for 30.1 percent of the active pipeline. A total of 1.7 million square feet were absorbed year-to-date as of September.

Earlier this year, LEGO Group broke ground on Meadowville Technology Park, a 1.7 million-square-foot industrial building, according to the same source. The facility is rising on about 340 acres in Chester, Va.