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Tag: Ashland

Four Richmond-area distribution centers sell for $105.6M

A joint venture between Glen Allen-based Lingerfelt and Swiss private investment firm Partners Group bought three Chesterfield County distribution centers and one Hanover County facility for $105.6 million, Lingerfelt announced Friday.

The four multi-tenant facilities are 100% leased to 18 tenants and total 1.16 million square feet. The properties were developed between 2000 and 2003.

Located in Chesterfield County and totaling 868,601 square feet, Walthall Distribution Center has three buildings — 1964-1984, 1900-1934 and 1936-1962 Ruffin Mill Road. The fourth building, Northlake Distribution Center, has 293,115 square feet. It’s located at 11800-11900 N. Lakeridge Parkway in Ashland.

Lingerfelt and Partners Group plan to make several renovations, including replacing the buildings’ roofs, upgrading interior and exterior lighting, repairing and replacing asphalt and sealing and restriping parking areas.

Matt Anderson and Harrison McVey from Colliers International will handle the portfolio’s marketing and leasing, and Colliers International will provide property and facility management services.

This purchase follows Lingerfelt’s March 10 announcement that it had purchased about 4.5 acres in Chesterfield County for $1.9 million.

Lingerfelt provides real estate investment and asset management in the mid-Atlantic and Southeast. Lingerfelt and its partners have built, acquired and managed more than 25 million square feet of commercial real estate valued at about $3 billion.

Ashland fire protection firm CEO retires

Ashland-based VSC Fire & Security (VSC) President Tommy Clements has assumed the added role of CEO, following former CEO Mike Meehan’s retirement, the fire protection and security company announced in mid-January.

Meehan retired on Dec. 31, 2022. He will continue to serve on the board of directors as non-executive chairman.

Mike Meehan. Photo courtesy VSC Fire & Security Inc.
Mike Meehan. Photo courtesy VSC Fire & Security Inc.

“The past 43 years have been a blur full of emotion, growth, learning and success, but there comes a time when another chapter beckons and a transition is necessary. That time is upon me. … The work we do is meaningful and I have always taken great pride in who we are, what we do and what we have built,” Meehan said in a statement.

Meehan joined VSC as a pipefitter in 1979 and held various roles, including division manager of the Virginia Beach office. Meehan joined the board of directors in 1998, then became president in 2017 and CEO in 2022. Under his leadership as president and CEO, VSC doubled in volume and expanded into Arkansas and Texas.

Established in 1958 as Virginia Sprinkler Co., VSC provides fire protection, safety and low voltage solutions to retailers, commercial campuses, health care facilities and government properties throughout the Southeast. The company, which is owned by Markel Corp., employs more than 1,400 people across 10 states.

Lutron Electronics to build $28.3M factory in Ashland

Pennsylvania-based Lutron Electronics will invest $28.3 million to build a 145,000-square-foot manufacturing plant in Ashland, creating 200 jobs, Gov. Glenn Youngkin announced Thursday.

Lutron manufactures lighting controls, automated shading solutions, and intelligent lighting fixtures for residential and commercial applications. Lutron already has a sales office and training center in Ashland located at 11520 Sunshade Lane, according to its website. The new facility will be located in an industrial park along Lakeridge Parkway, according to Youngkin’s office.

“Lutron Electronics is pioneering lighting technology in the 21st century, developing innovative products that save energy and set the company apart from its competitors,” Youngkin said in a statement. “We are proud that Lutron is growing its presence in Hanover County with a new manufacturing operation and creating 200 high-quality jobs that will boost Virginia’s economy and our robust manufacturing sector.”

A family-owned company founded in 1961, the company’s early inventions, including an early version of its solid-state electronic dimmer invented by Lutron founder, physicist Joel Spira, were donated to the Smithsonian’s National Museum of American History in Washington, D.C., in 2010.

“We look forward to continuing our relationship with the Hanover County community and further supporting our global customers with increased manufacturing capacity,” Lutron President Ed Blair said in a statement.

The Virginia Economic Development Partnership worked with Hanover County to secure the project and Youngkin approved a $250,000 grant to assist the county with the project, according to a news release. Funding and services to support Lutron Electronics’ employee training activities will be provided through VEDP’s Virginia Jobs Investment Program.

Hanover County business center sells for $41M

Baltimore-based Merritt Properties announced Tuesday it has purchased Crescent Business Center in Ashland from Crescent Business Center LC, a Thalhimer Realty Partners Inc. development, for $41.3 million.

The Hanover County business center includes five industrial buildings with 262,256 square feet of space on 20 acres and are 100% occupied, including Trane U.S. Inc., Electronic Systems, Motion Industries Inc. and Sunbelt Rentals as tenants. Another 19 acres on the property off Interstate 95 are undeveloped, and Merritt is evaluating development options to meet market needs.

“With this acquisition, we continue to execute on our strategy of extending our presence in strategic growth markets from the mid-Atlantic to the Southeast,” Merritt CEO Scott Dorsey said in a statement. “Crescent Business Center offered us the ideal opportunity to establish our presence in Richmond with high-quality existing assets, a strong tenant base and land for additional shallow bay industrial development.”

Eric Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group handled the sale negotiations on behalf of the seller. Graham Stoneburner and R. Scott Douglas, also with Thalhimer, have been named exclusive leasing representatives for Crescent Business Center on behalf of Merritt Properties. Thalhimer’s Commercial Property Services Group will handle the property management of Crescent Business Center. Jason Crowder has been named portfolio manager for the center.

Merritt Properties already has 1.7 million square feet of office, bulk and flex/light industrial space in Loudoun, Prince William and Stafford counties.

Performance Food Group to build $80M facility in Hanover

Performance Food Group Co., the Goochland-based Fortune 500 food distribution corporation, plans to invest $80.2 million on a new facility in Hanover County, creating 125 jobs, Gov. Ralph Northam announced Thursday. The regional sales and distribution center will be housed in a 325,000-square-foot building in Ashland.

“This new facility will be instrumental in advancing Virginia’s fast-growing supply chain management and logistics industries,” Northam said in a statement. “Performance Food Group’s significant investment in Hanover County and growing presence in Virginia is a testament to our strong business climate, robust infrastructure and top-notch talent. We look forward to seeing the positive outcomes from this project’s investment and job creation.”

Virginia competed with Pennsylvania and North Carolina for the project.

“Since the company’s founding in Richmond in 1885, Performance Food Group has called Virginia home,” Performance Food Group Chairman, President and CEO George Holm said in a statement. “With our new state-of-the-art food distribution facility in Hanover, Performance Food Group reaffirms its commitment to Virginia, our associates and our valued customers. Virginia’s talented workforce and business-friendly environment will continue to fuel Performance Food Group’s plans for growth.”
Performance Food Group, which went public in 2019, has a network of more than 150 locations in the United States and Canada, providing food to more than 300,000 locations, including restaurants, businesses, schools, hospitals, retail outlets, theaters and other facilities. In September, PFG completed its acquisition of convenience store supplier Core-Mark for $2.5 billion in stock and cash, a purchase expected to add about $17 billion to PFG’s annual sales.
The Virginia Economic Development Partnership worked with Hanover County to secure the project, and VEDP will support job creation through its Virginia Jobs Investment Program. Performance Food Group is also eligible for benefits through the Major Business Facility Job Tax Credit for the full-time jobs created.

Capital Region Small Business Development Center opens in Richmond area

Now part of the state’s Small Business Development Center (SBDC) network, the Capital Region SBDC opened this month to assist Richmond-area small business owners, Virginia Community Capital announced Monday.

Funded by the U.S. Small Business Administration with $192,000 in CARES Act money, plus matching grant funds from regional sources, the center will provide COVID-19 assistance, business counseling, development workshops, challenge programs and digital resources. It will serve businesses in Chesterfield, Goochland, Hanover, Henrico, New Kent and Powhatan counties, as well as the city of Richmond and the town of Ashland.

Local governments, as well as Atlantic Union Bank and Region 4 of GO Virginia, are supporting the center, which is seeking members for a regional advisory board.

The opening is a reboot of ChamberRVA’s Greater Richmond Small Business Development Center, which operated from 1998 to 2018, assisting more than 20,000 businesses and facilitating $334.1 million in capital investment, according to VCC, a Community Development Financial Institution (CDFI) with offices in Christiansburg, Norfolk and Richmond. The new center, unlike its previous incarnation, will be connected to the statewide SBDC network, which has 26 centers.

Ryann Lofchie, former CEO of Richmond-based consulting firm The Frontier Project, was recently named director of the Capital Region SBDC, which will be located in Henrico County.

“This is an exciting starting point,” she said in a statement. “Richmond is such a vibrant place to live, and we owe so much of our region’s growth and evolution to our local small businesses. During this time of economic uncertainty and disruption, many business owners are in need extra support and resources. The SBDC and its extensive network of partners are well-poised to be responsive to the needs of our entrepreneurial and small business community to ensure our region continues to thrive.”

 

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Building in Ashland’s Northlake Business Park sells for $9.1M

The Creative Office Environments building in Ashland has sold for $9.1 million to New York City-based One Liberty Properties Inc., Cushman & Wakefield | Thalhimer’s Capital Markets Group announced Tuesday.

The 88,003-square-foot property is located at 11798 N. Lakeridge Parkway in Ashland and is the headquarters for workplace interiors and technology provider Creative Office Environments. The property is located approximately one mile from Interstate 95 in the Northlake Business Park.

CDH Properties LLC previously owned the Class A industrial property, which is located in the same business park with tenants including Amazon.com Inc., Pitney Bowes and Owens & Minor Inc. Creative Office Environments was the only tenant in the building sold at the time of the sale and will remain as the only tenant in the building.

The sale was completed by Cushman & Wakefield | Thalhimer Senior Vice President Eric Robinson.