Becknell Industrial completes acquisition of distribution facility in Henrico County
Chicago-based Becknell Industrial has completed the purchase of a 116,000-square-foot, multi-tenant distribution facility in the Airport Distribution Center in Henrico County's East End.
Built in 2008, the building has 30 truck docks, three drive-in doors, and additional trailer parking on site. The facility is close to Richmond International Airport and Interstates 295 and 95. Situated on 6.8 acres, the existing building is fully leased to MeadWestvaco, Batesville Casket and Forward Air Solutions.
The remaining 39.9 acres include three pad-ready sites that can support an additional 564,500 square feet of planned new development.
“This acquisition is a great addition to our portfolio as it meets our criteria of modern, well-located buildings in strong submarkets,” Pete Anderson, Becknell's executive vice president of investments, said in a statement. “In addition, we were pleased with the opportunity to purchase pad ready industrial land in a market that lacks Class A inventory.”
Clifford B. Porter of Porter Realty Co. in Richmond handled the sale on behalf of the seller, Birmingham-based Graham & Co., which purchased the site in 2006. Becknell Industrial has retained Porter Realty as its exclusive agent for future development.
According to Porter, the vacancy rate for Class A industrial property in the Richmond market is less than 6 percent, the lowest it has been in years. “I think that points to some new construction to meet demand. They are the only three pad-ready sites in the airport market, and that area is typically one of the stronger markets for warehousing.”