COLONIAL HEIGHTS, VA. — Charlotte-based Crescent Communities has sold AXIAL Gateway 95, an industrial property located at 16401 Walthall Industrial Parkway in Colonial Heights, a city near Richmond in Chesterfield County. The property spans more than 500,000 square feet and was fully leased at the time of sale to Hillphoenix, a subsidiary of Dover Food Retail and a leading manufacturer of commercial refrigeration systems.
JLL represented Crescent Communities in the sale. LaSalle Investment Management purchased the asset for an undisclosed price.
Hillphoenix’s investment at AXIAL Gateway 95 is expected to add more than 320 new jobs to the region. Financial partners for AXIAL Gateway 95 included Kyuden Urban Development America LLC, the U.S. subsidiary of Kyushu Electric Power Co. Inc. (equity) and Santander Bank (lender). The design-build team included DMA Architecture (architect), Timmons Group (civil engineer), KBD Group (general contractor) and JLL (leasing agent and capital markets advisor).