A massive new industrial park near Richmond International Airport is one more step towards a seven-figure land deal.
Becknell Industrial has paid $ 4.26 million for 83 acres which make up the bulk of the planned first phase of the Sauer Industrial Center, a 450-acre site just south of the RIC that local developer Sauer Properties plans to eventually fill with. 3.3 million square feet of class A industrial buildings. Space.
Sauer Properties was the seller of the larger of the two parcels involved in the transaction: a 75-acre parcel that was sold on July 22. Although part of the same transaction, an adjacent 3-acre parcel owned by Gerald and Patricia Merridew was recorded as having sold August 2, according to Henrico County property records. The two plots occupy the northeast corner of the Airport Drive-Pocahontas Parkway interchange.
While these parcels are about 5 acres less than the total amount of land Becknell purchased, Ashley Peace, president of Sauer Properties, attributed the difference to the tax-free right of way that was ceded as part of the OK.
The online property records did not include recent appraisal data for the 75-acre parcel.
Becknell’s purchase does not include three additional plots that make up the remainder of the Phase 1 site. Peace said Sauer Properties, which still owns those plots, will develop them itself.
The purchase paves the way for Becknell to begin construction of two warehouses totaling approximately 726,000 square feet, according to the company. The Indiana-based developer has already filed plans with Henryrico that called for a larger footprint, with around 100,000 square feet more.
The largest building will now total nearly 446,700 square feet and will be a transshipment facility. The other building, a rear-loading configuration, will total approximately 279,300 square feet.
Becknell is targeting completion of the two buildings in May 2022. He is working with investment manager Ares Management on the project, which will include on-site car and trailer parking and construction features such as sprinkler systems. rapid response to early suppression and LED lighting with motion detectors. .
Peace said Becknell rented one of the buildings and sent it back to Becknell for user confirmation. A call to a spokeswoman for Becknell was not returned on Friday.
The buildings are kicking off what is slated to be a multi-phased development, with Sauer Properties developing two subsequent phases that would fill the Sauer-controlled land on the west side of Airport Drive to Laburnum Avenue.
Peace said the company is finalizing a conceptual layout for the rest of the industrial center site. She said efforts to market these facilities to potential users could begin in a few weeks.
A regular in the area, Becknell developed the nearby airport distribution center just west of the Sauer industrial center site. Earlier this year, she sold four properties there, along with another at 8750 Park Central Drive, in northern Henrico, to New York-based Raith Capital Partners for $ 65 million.
Becknell has also signed on to develop a 1.1 million square foot distribution center for Lowe’s Home Improvement in Hanover County.