Hanover’s Perspective
Northlake Commerce Center to Be Developed in Hanover County
Northlake Commerce Center, a joint venture by JLL and Brookwood Capital Partners, is a new 152,000 square foot speculative industrial building to be developed in Hanover County, Virginia. The modern, Class A industrial space, delivering in the second quarter of 2019, will be one of the leading industrial options in the area. The building, situated on approximately 15 acres in Northlake Park in Ashland, with direct access to I-95 exit 89, will be a state of the art distribution facility featuring 32′ ceiling heights, 7″ floors, 29 dock doors and two drive-in doors.
“We are excited to partner with JLL to have a presence in the market and bring a modern industrial solution to businesses looking to relocate to the region,” said Lindsay Sewell, Principal at Brookwood Capital Partners. “We were pleased to work closely with Hanover County to support us in bringing the Northlake Commerce Center vision to life.”
“With Hanover County’s current industrial vacancy rate at under 1%, according to CoStar’s most recent research, we are extremely excited to team up with Brookwood Capital Partners with a new speculative building program that encourages developers through a real-estate tax rebate to invest in new product that we believe is a win for everyone,” said Hanover County Director of Economic Development, Linwood Thomas. “Many companies have put their expansion plans on hold due to the inability to find quality industrial space along the interstate corridors, and this program provides an incentive to eliminate some of the risks associated with speculative developments. Speed to market is a critical for corporations looking for space and having a tangible asset in place eliminates some of those barriers. I believe Brookwood Capital’s foresight in bringing new product to market will be fruitful as our most recent speculative buildings including Amazon have all been nearly leased before completion,” said Thomas.
Northlake Commerce Center will have 27,000 to 152,000 square feet of modern distribution and warehouse space located within 500 miles of sixty percent of the nation’s consumers. The site is accessible to an extensive network of major highways including I-64, I-95, I-85, and I-295, more than 100 motor freight companies serving the area, Richmond International Airport and the Port of Virginia.
JLL will be providing real estate expertise and guidance from a marketing and leasing perspective. JLL’s Muscoe Garnett and Adam Lawson will spearhead the industrial leasing efforts for the new asset. “We’re thrilled to partner together with Brookwood Capital Partners,” added Adam Lawson, Vice President at JLL. “Their investment, as well as the support from the County, demonstrates the strength of the growing industrial market here in Hanover and this building will be a best-in-class option for many looking to grow their footprint in Virginia.”
For more information about Northlake Commerce Center, click here.