Northlake Commerce Center Fully Leased Ahead of Completion
Northlake Commerce Center, a joint venture by JLL and Brookwood Capital Partners, is a new 152,000 square foot speculative industrial building being developed in Hanover County, Virginia. The modern, Class A industrial space, is now fully leased prior to expected delivery in the third quarter of 2019. The building, situated on approximately 15 acres in Northlake Park in Ashland, with direct access to I-95 at exit 89, is 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 utilizing 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 am delighted that Brookwood Capital’s foresight in bringing new product to market has proved to be fruitful. As our most recent speculative buildings, including Amazon, have all been fully or nearly leased before completion, it is gratifying that Northlake Commerce Center has followed suit,” said Thomas.
The most recent tenant to announce its new home in the now fully leased Northlake Commerce Center is Wine & Beer Supply, which offers supplies such as cans, bottles, packaging and storage for breweries and wineries. This move affords Wine & Beer Supply the advantage of consolidating several locations into its new 54,000 square feet of the distribution facility. “We’ve been outgrowing our warehouse spaces now and this frees us up to be bringing everything under one roof,” said Casey Werderman, co-owner. “It’ll be the anchor spot for expansion into additional East Coast space.”