Yahoo Finance Becknell Industrial Closes on Land Parcel in Richmond
INDIANAPOLIS, July 27, 2021 (GLOBE NEWSWIRE) -- Becknell Industrial is pleased to announce it has purchased an 83.37-acre parcel at the Sauer Industrial Center in the Airport submarket of Richmond, Virginia. The partnership between Becknell and Ares Management intends to construct two Class A industrial buildings totaling approximately 726,000 square feet. Building 1 will be a 446,692 square-foot cross-docked facility and Building 2 will be a 279,319 square-foot rear-load industrial building. Both buildings, scheduled to be complete in May 2022, will have ample car and on-site trailer parking and will feature modern building attributes such as ESFR sprinkler systems, LED lighting with motion sensors and sufficient dock packages to meet market demand.
“Becknell is pleased to further expand its footprint in the Richmond market,” said Derek Hawkins, Becknell’s Senior Vice President – Leasing & Development. “When the aforementioned buildings are complete, Becknell’s holdings in the Airport submarket will surpass 2 million square feet of Class A industrial product. Becknell is grateful to the Sauer family and Sauer Properties, Inc. for the partnership to bring this Class A industrial development to market.”
Located on Seven Hills Boulevard in Henrico County, the site is one mile to the Richmond International Airport, 10 miles to Richmond Marine Terminal and 85 miles to The Port of Virginia. Once fully developed, Sauer Industrial Center will consist of approximately 3 million square feet of new construction. The Center will be supported by existing highways providing access to destinations throughout the East Coast. This extensive highway network can facilitate same day delivery to many of the largest cities in the U.S. including Washington, D.C., Philadelphia and New York.
“We are excited to be partnering with Becknell to develop Phase I of the Sauer Industrial Center,” said Ashley Peace, Sauer’s President. “Sauer Properties intends to develop future phases of the center. Our Company has been making its mark in the Richmond area for over 130 years and will continue this tradition of developing landmark properties with the Sauer Industrial Center.”
About Becknell Industrial
Becknell Industrial specializes in the development, investment and management of industrial properties across the United States. The company currently owns interests in 187 properties totaling more than 30 million square feet. Vertically integrated, Becknell is responsible for every aspect of the project providing the decision-making authority and expertise to meet client expectations for a high-performance facility delivered on time and on budget. More information about Becknell is available at www.becknellindustrial.com.
About Sauer Properties
Sauer Properties, Inc. is a private real estate company based in Richmond, Virginia that specializes in commercial real estate development and investment. As a formerly owned subsidiary of The C.F. Sauer Company, established in 1887, the company has a proven track record of real estate expertise that includes assets developed from the ground up to historic renovations in all submarkets of the Richmond MSA. Sauer Properties’ portfolio encompasses over 1.9 million square feet of retail, office, medical office, manufacturing, industrial product and extensive land holdings suitable for development.
Contact Information:
Shona Bedwell – Becknell Industrial
SVP – Marketing & Corporate Communications
317.669.6005
sbedwell@becknellindustrial.com
