Richmond Suburban Industrial Park Trades for $78.2M in Off-Market Speculation

In a substantial metro Richmond industrial transaction, developer Lingerfelt has divested Ashton Logistics Park for $78.2 million. The 523,047-square-foot logistics campus, situated on 52 acres in the suburban Colonial Heights submarket, was represented by Newmark during the sales process. The purchaser, who has chosen to remain anonymous, acquired a fully stabilized, brand-new industrial complex boasting a secure 8.5-year weighted average lease term (WALT).

Key Details

According to REBusinessOnline, the newly constructed campus at 1630 and 1660 Ashton Park Drive consists of two distinct industrial buildings delivered this year.

The larger of the two assets is a 437,657-square-foot cross-dock facility currently occupied by Article.com, a Vancouver-based direct-to-consumer furniture brand. The second structure serves as an 85,750-square-foot rear-load facility leased to Shepherd Electric Co., a wholesale electric distributor operating under Graybar.

The development and transaction team featured ARCO Design-Build acting as both architect and general contractor, with Townes Site Engineering managing civil engineering duties. Range Commercial Partners oversees day-to-day property management, while Colliers is responsible for ongoing leasing efforts at the park.

Market Context

The $78.2 million price tag—which equates to roughly $149 per square foot—highlights the sustained institutional demand for core industrial assets in secondary and tertiary suburban markets. Colonial Heights, strategically positioned along the I-95 corridor between Richmond and Petersburg, has become an increasingly attractive alternative for supply chain operators looking to bypass the premium pricing and congestion of larger primary hubs like Northern Virginia.

This specific transaction is particularly noteworthy for CRE professionals monitoring the industrial sector's lifecycle. Lingerfelt successfully executed a developer's ideal strategy by delivering the 52-acre spec project in 2024, immediately securing creditworthy national tenants, and subsequently pivoting to capitalize on the high demand for stabilized, income-generating assets.

While the national industrial market is beginning to normalize after years of record-breaking rent growth and historically low vacancy rates, premium logistics facilities near major eastern interstate corridors continue to command premium valuations. The presence of a direct-to-consumer e-commerce brand alongside a traditional wholesale distributor demonstrates the diverse tenant base currently competing for modern, well-located space in the Greater Richmond area. Moving forward, the Colonial Heights submarket is poised to benefit from this deepening tenant demand, providing a strong economic foundation for future institutional investments.