Hourigan Development to redevelop warehouse site in South Richmond

Hourigan Development to redevelop warehouse site in South Richmond

Published at: 2017-12-12 15:24 | Author: CIJ USA
Hourigan Development to redevelop warehouse site in South Richmond
Commercial real estate development firm Hourigan Development has closed on the purchase of an Alleghany Warehouse Co. property in South Richmond for $8.5 million. Located at 3021 Commerce Road, the asset had been used primarily by tobacco company Philip Morris USA. The existing 2.3 million square feet of warehouse space was built for a single purpose user, and lacks adequate parking and truck courts, so Hourigan plans to raze the buildings, replacing them with approximately 1.5 million square feet of built-to-order, high-bay space. The buyer also plans to rebrand the property as Deepwater Industrial Park. Hourigan is partnering on the development with construction and development firm Stewart Companies of York, Pa. Commercial real estate brokerage CBRE Richmond will handle the leasing.

Similar Stories:

GLL Real Estate Partners buys industrial facility in Florida for $30m
GLL Real Estate Partners bought an industrial facility in Weston, Florida, for about $30m.  »
PS Business Parks acquires Virginia industrial portfolio for $143m
PS Business Parks has acquired Northern Virginia Industrial Park and Fullerton Industrial  »
Warehouse-office property near Miami airport changes hands
The Dayan family from Brazil purchased the leasehold interest in a two-building warehouse  »
Liberty Property Trust buys 28-acre industrial site in Dania Beach
A subsidiary of Liberty Property Trust bought a 28-acre industrial site in Dania Beach fro  »
The industrial sector of commercial real estate has changed radically over the past few ye   »
industrial logistics brokers are relying increasingly on data to help them find the best p   »
Scott Gregory, market officer at Prologis in Florida, says the breakdown can be seen geogr   »
OPEC is back to its squabbling ways. But investors who are b  »
OPEC is back to its squabbling ways. But investors who are b  »
David Bassanese of BetaShares Capital says the general trend  »
David Bassanese of BetaShares Capital says the general trend  »