Affiliate of the Matan Cos. secures $34m for acquisition of warehouse/distribution park in Richmond, Va.
An affiliate of the Matan Companies has secured a $34 million short-term first mortgage debt for the acquisition of Deepwater Industrial Park (Deepwater), a recently built 321,646-square-foot distribution and warehouse complex in Richmond, Va. Mesa West Capital provided the loan.
Deepwater consists of a 202,176-square-foot building at 3001 Commerce Road that is 50 percent leased to Lowes Pro Supply and a vacant 119,470-square-foot building at 2301 Commerce Road. Each building features market best 36-foot clear heights, dock-high and drive in doors, ESFR sprinklers, expansive truck courts, LED lighting, and 3,000-amp electrical service. The buildings were developed and delivered to market in May 2023 and are adjacent to a 1.2 million-square-foot facility 100 percent leased to Lowes.
The buildings benefit from their location fronting Interstate 95, the primary north/south truck route in the eastern United States that facilitates 40 percent of the country’s gross dome