Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
North River Capital JV Acquires 230K-SF Industrial Park in Richmond
A joint venture partnership between North River Capital, LLC, Feldman Bergin Properties, and Queenswood Partners, LLC has acquired 1700 Richmond Highway, a two-building industrial park in Richmond, Virginia, comprising 230,250 square feet of warehouse space.
Formerly owned by NAPA Transportation, the asset was approximately 30 percent leased and occupied at the time of the transaction. This represents the first transaction for North River Capital, an industrial-focused real estate investment company with offices in Atlanta, GA and Charleston, SC, and the fourth Richmond-area acquisition for Feldman Bergin Properties, a Maryland-based privately-held real estate development and investment firm.
Bo McKown and Isaac DeRegibus of Cushman Wakefield | Thalhimer represented the buyer and seller in this transaction, and Will Bradley of Newmark facilitated the joint venture arrangement. NAPA Transportation has agreed to a full-building lease for 71,250 square feet of space to maintain its presence within the business park, and the partnership also intends to invest more than $2 million into the asset.
