RICHMOND, VA. — A joint venture between Lingerfelt and The Davis Cos. has acquired 95 acres in Richmond for the development of 7 Hills Distribution Center. Located south of Richmond International Airport, the warehouse and distribution space will span 820,800 square feet across four buildings at full build-out. Phase I of the project is expected to break ground in late summer 2025 and will include an extension of 7 Hills Blvd. throughout the property and speculative construction of the first building, which will total 267,849 square feet. Construction of the second, third and fourth buildings will begin upon completion of Phase I and will offer flexibility for build-to-suit or pre-lease arrangements, depending on leasing activity of the tenant(s). Delivery of the first building at 7 Hills is anticipated for fall 2026. The Lingerfelt-Davis Cos. joint venture previously delivered Carmel Church Business Center, which brought 325,500 square feet of Class A warehouse space to the northern Richmond region.
LAKELAND, FLA. — Parkway has sold LCP 200, a 705,000-square-foot industrial building located within Lakeland Central Park. The buyer was not disclosed, but The Ledger reports that Ashley Furniture purchased the facility for $70.5 million. Jared Bonshire, David Perez, Taylor Zambito, Ryan Hubbard, Lisa Ross and Trey Carswell of Cushman & Wakefield represented Parkway in the transaction. Since breaking ground in 2021, Parkway has completed the first phase of Lakeland Central Park, including the delivery of multiple pad-ready sites and the construction of LCP 200. Phase II of Lakeland Central Park will feature an extension to Winston Park Boulevard for direct interstate access, a 260,000-square-foot cross-dock industrial building and additional pad-ready sites that can accommodate 162,000 square feet to 1.6 million square feet.
GARDNER, KAN. — Brinkmann Constructors has broken ground on Crossroads Commerce Center Phase I, a 467,000-square-foot warehouse in Gardner, a southwest suburb of Kansas City. Panattoni Development Co. is the developer. Located on a 24-acre site, the project marks the first phase of an eight-building, master-planned industrial park. Gray Design Group is the architect.
MENASHA, WIS. — NAI Pfefferle has negotiated the sale of a 25,269-square-foot industrial facility located at 1725 Racine Road in Menasha near Appleton. The sales price was not disclosed, but the asking price was $1.7 million. Teresa Knuth of NAI Pfefferle brokered the transaction. Buyer and seller information was not released.
DALLAS — Houston-based brokerage and investment firm Finial Group has purchased a 14,520-square-foot industrial building in West Dallas. The single-tenant building sits on 1.6 acres at 2150 Lone Star Drive, features 2,000 square feet of office space and is occupied by Lone Star Flower Market. Grant Gibson, Jason Gibbons and Jack Gaffney led the transaction for Finial Group. The seller and sales price were not disclosed.
WALPOLE, MASS. — JLL has brokered the $26 million sale of an 85,159-square-foot industrial building in Walpole, about 30 miles southwest of Boston. The building at 295 Union St. is home to tenants such as Tesla, Home Depot and Goodyear and features a clear height of 40 feet and 450 car parking spaces. Michael Restivo, David Coffman and Tommy Hovey of JLL represented the sellers, Casco Real Estate Partners and Berkeley Partners, in the transaction. The buyer was San Francisco-based investment firm Stockbridge.
BRISTOL, PA. — New Jersey-based investment firm Faropoint has purchased a 60,000-square-foot industrial flex building in Bristol, a northeastern suburb of Philadelphia. The building, which sits on a 4.7-acre site within Keystone Industrial Park and offers a clear height of 26 feet, has been occupied by Estee Lauder for 30 years. The seller was undisclosed. Jeff Licht and Jared Licht of NAI Mertz brokered the deal.
EDEN PRAIRIE, MINN. — Brisky Net Lease has brokered the $5.7 million sale-leaseback of an industrial property located at 7975 Wallace Road in the Twin Cities suburb of Eden Prairie. Max Mantey of Brisky represented the seller, 360 Wall Systems. The tenant has a new 10-year triple-net lease with zero landlord responsivities and annual rent increases. The primary tenant, 360 Wall Systems, occupies the majority of the building, complemented by Hagen Automotive, a subtenant that has occupied space for more than 30 years. 360 Wall Systems is a specialty contractor that has worked on apartment buildings, medical offices and industrial buildings in the Twin Cities.
DEERFIELD BEACH AND POMPANO BEACH, FLA. — Cushman & Wakefield has arranged the $55.4 million sale of The Broward Collection, a two-building industrial portfolio totaling 221,045 square feet in South Florida. The first property includes 1111 SW 30th Ave., a 158,000-square-foot distribution center in Deerfield Beach that is fully leased to an undisclosed e-commerce user. The second property, which is located at 1121-1141 N.W. 31st Ave. in Pompano Beach, totals 63,045 square feet and is fully leased to two tenants. Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon and Greg Miller of Cushman & Wakefield’s Industrial Advisory Group, along with Matthew McAllister and Christopher Thomson of the firm’s industrial leasing team, represented the seller, Elion Partners, in the transaction. EQT Exeter Real Estate was the buyer.
BESSEMER, ALA. — Range Light Investment Partners has acquired the former Mall at Westlake, a 323,000-square-foot shopping and dining destination located southwest of Birmingham in Bessemer, Ala. The Ohio-based investment firm plans to redevelop the property into an industrial flex complex that will be known as Marvel City Business Park. The former mall, which originally opened in 1969, permanently closed 40 years later in 2009 after retail activity migrated elsewhere, according to Range Light, leaving the property available for alternative purposes. “Shopping malls built from the 1960s through the 1990s were the distribution centers of that era,” says Pat Foran, founder of Range Light Investment Partners. “All of the features that made them great malls years ago are the same features light industrial and flex tenants are looking for today.” “There are many more tenants looking for 30,000 to 50,000 square feet than 300,000 to 500,000 square feet in the Birmingham area, and there are virtually no options for them,” adds Foran. “Marvel City Business Park will cater to those smaller bay-sized tenants that don’t need 36-foot-high ceilings and want more affordable rent than what the newer big box developments demand.” Situated on a 40-acre site at the intersection of interstates …