Largest industrial building in Richmond market holds groundbreaking

A massive 846,260 square-foot spec industrial facility under construction in southern Chesterfield County is expected to be ready for delivery before the end of the year.

New York-based real estate developer PNK Group began construction on the building at 1640 Ashton Park Drive during the first quarter of this year and hosted a groundbreaking ceremony last week. According to a company spokesperson, it is the company’s first Virginia project and the largest industrial building available in the Richmond market area.

PNK commenced the project as a speculative development, the spokesperson said, adding that the company can easily modify the building during or after construction to meet an eventual end user’s requirements. While the project doesn’t yet have a planned tenant, the spokesperson said, the project can be used by multiple occupiers or by a single tenant.

The site includes warehouse lighting, docks and office space. It will also include almost 570 trailer spaces, and have a 40-foot ceiling height.

The project cost $80 million, including the land acquisition. The site sits on an 86-acre property PNK purchased for about $12 million in October from limited liability company Emerson Ventures, according to online county property records, which list the site as 1653 Ashton Park Drive.

The spokesperson said the building is expected to be completed before the end of the year, likely in the late third quarter early fourth quarter. She added that PNK is interested in building more projects in Virginia.