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Matan Cos. Eyes 2 MSF Industrial Campus

4 months ago

This four-building property will rise in New Kent County, Va. The post Matan Cos. Eyes 2 MSF Industrial Campus appeared first on Commercial Property Executive.

Matan Cos. has acquired 185 acres of land in New Kent County, Va., where it plans to build New Kent Logistics Center, a four-building, 2 million-square-foot industrial campus. The Frederick, Md.,-based company will be moving forward with entitlement and approvals to construct the first building, which will total more than 1 million square feet.

New Kent Logistics Center will total roughly 2 million square feet across four buildings. Image courtesy of Matan Cos.

New Kent Logistics Center will rise on one of the few large sites zoned by-right for industrial and distribution users, Matan Managing Director Jamie Minkler said in prepared remarks. Because they are moving quickly to construct the first building, the firm expects the project to attract a wide variety of potential tenants.

At full build-out, the industrial complex will include four facilities ranging from 200,000 to 1,218,600 square feet. Each building is set to have a minimum 32-foot clear height, 50 to 154 dock doors, drive-in bays and 60-foot speed bays. Plans also call for ample trailer, car and electric vehicle parking across the property.

The campus is expected to accommodate companies that do business along the I-64 corridor and serve the Mid-Atlantic region and major cities. Distribution along the critical connection from the Port of Virginia to Interstate 95 will continue to grow because of VDOT’s widening of the road from four to six lanes, improving travel times.

Located between the Richmond and Hampton Roads industrial submarkets, the campus will be adjacent to AutoZone’s 800,000-square-foot East Coast distribution center and less than 1 mile from the planned Buc-ee’s, a travel center chain based in Texas known for its huge gas stations and convenience stores. The New Kent Buc-ee’s will be located off Interstate 64 and is slated to open in 2026 or 2027.

JLL’s Gareth Jones, Chris Avellana and Charlie Polk will be handling leasing. Matan will be managing the property.

More Matan projects

Matan’s current portfolio comprises more than 7 million square feet of industrial, life science and office space, with another 15 million square feet in the development pipeline.

One of the firm’s holdings is the 50-acre Redstone Industrial campus in Manassas, Va. Early this year, DHL eCommerce signed a full-building lease of 138,000 square feet at the property.

As for developments, last year Matan entered into $300 million joint venture with Rockefeller Group for the construction of a 5 million-square-foot industrial and logistics campus in Suffolk, Va. Port 460 Logistics Center will take shape on 540 acres in the Hampton Roads submarket.

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