Chesterfield distribution center sells for $37.5M

A distribution center in Chesterfield County’s Meadowville Technology Park sold for $37.5 million in mid-March, according to county property records.

Located at 1400 Digital Drive in Chester, the 353,044-square-foot distribution center is fully leased to one tenant — CCBCC Operations LLC, a wholly owned subsidiary of Coca-Cola Consolidated Inc. — according to a Cushman & Wakefield | Thalhimer news release. Based in Charlotte, North Carolina, Coca-Cola Consolidated is the nation’s largest independent Coca-Cola bottling company.

A joint venture between funds managed by Red Rock Developments and Westport Capital Partners sold the 54.3-acre property to Bailard Real Estate Fund, which also bought Charter Colony Shopping Center in Midlothian, according to a news release. Property records show the center sold for $23.85 million in March 2022.

Eric Robison and Bo McKown with Cushman & Wakefield | Thalhimer’s Capital Markets Group and Jonathan Carpenter and Graham Savage with Cushman & Wakefield’s Industrial Advisory Group handled the sale.

Cushman & Wakefield will manage the property for Bailard. Jason Crowder, a senior portfolio manager with Cushman & Wakefield | Thalhimer’s Commercial Property Services Group, will lead the property management team.