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Home News Regions Central Virginia Thalhimer to represent prime industrial site in Richmond

Thalhimer to represent prime industrial site in Richmond

Published October 7, 2013 by Paula C. Squires


The 186-acre Philip Morris USA Operations Center Facility remains on the market, but this time with a different sales agent. Cushman & Wakefield | Thalhimer is now the agent for the disposition of the property, which had formerly been represented by CBRE.

The complex consists of 570,149 square feet of Class A space. It includes a vacant office and laboratory building of 463,786 square feet and a manufacturing R&D building of 106,363 square feet that’s currently occupied by Philip Morris. In addition, there’s an industrial land parcel of about 62 acres and a retail parcel of about four acres.

Jeff Cooke, a senior vice president with Thalhimer, said the property represents an opportunity for prospects looking for a prime industrial site with space for a large corporate office and land for expansion in the city of Richmond. “It’s a very prime parcel,” Cooke said.  “Anyone who needs 200,000 square feet or more, there aren’t many choices.”

Thalhimer has launched a new marketing effort for the property, which has been on the market for several years. “One of the things that held it back … it went on the market in the depth of the real estate recession.  As we’re coming out of that, things are improving, and there will be more opportunities. It’s a good site for a big back office operation, a big call center, something like that.”

Besides the 228,000-square-foot WestMark I office building in the Innsbrook corridor in Henrico County, “There’s very little supply of major office space in Richmond,” said Cooke. “On the development side, if you want to build a distribution center, you could build 700,000 to 800,000 square feet on this site. It’s got lots of expansion opportunities. “

Philip Morris USA, which operates a cigarette manufacturing center close by and is the site’s current owner, plans to stay in the R&D building for several more years, Cooke said, and would probably lease its space back from a new owner.  A price for the parcel has not been set, Cooke said. The most recent assessment from the city of Richmond values the land at $3 million, and the buildings at $27.9 million, for a total of $30.9 million.

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