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Crescent Communities Closes Sale of Richmond-Area Industrial Asset
Crescent Communities announced the sale of AXIAL Gateway 95, an industrial facility located in Chesterfield County, Virginia, to LaSalle Investment Management.
Crescent Communities was advised by JLL Capital Markets on the disposition. The asset is fully leased to Hillphoenix, a subsidiary of Dover Food Retail and a manufacturer of commercial refrigeration systems. Crescent’s AXIAL portfolio now includes multiple projects in the region, including AXIAL Rockville 64 in Goochland County, a two-building, 335,000-square-foot development.
Hillphoenix’s investment is expected to add more than 320 new jobs to the region, supported by a $900,000 grant from the Commonwealth’s Opportunity Fund, as well as local performance grants and incentives through the Virginia Jobs Investment Program.
Strategically located at 16401 Walthall Industrial Parkway in Chesterfield County, AXIAL Gateway 95 offers immediate access to I-95 and the greater Richmond logistics corridor. The property’s prime location provides connectivity to major population centers along the East Coast and proximity to the Port of Virginia.
