TMJ Storage buys industrial property in Chesterfield County for $1 million

TMJ Storage purchased a 21,144-square-foot industrial property on 2.2 acres from Village Bank for $1 million and will occupy the premises for its business. The property is located at 1800 Coyote Drive in Chesterfield County.

Scott Douglas and Richard L. Thalhimer of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the seller.

The region’s industrial market saw a fairly active third quarter with a slight reduction in the
overall vacancy rate to just below 10 percent, according to a market report from the Richmond office of Colliers.

Currently about 1.8 million square feet of new space is under construction, with the majority of the projects being build-to-suit.

Colliers said the region is seeing good leasing momentum in the warehouse/distribution sector, which is becoming increasingly tight as the metro area becomes a hub of construction for new
distribution centers for companies like Amazon, Medline, Lumber Liquidators and The Vitamin Shoppe.

Virginia’s central location on the East Coast along with key interstate highways and the Port of Virginia are attributes attractive to Internet retailers
looking to move products quickly to their customers.