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PNK Group Starts Work on Large Virginia Spec Project

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The industrial development is taking shape near Richmond. The post PNK Group Starts Work on Large Virginia Spec Project appeared first on Commercial Property Executive.

PNK Group has broken ground on PNK Ashton Park, its $80 million, 846,260-square-foot speculative industrial property located on nearly 87 acres near Richmond, Va., in Chesterfield County.

The flex-use property, which could be used by either a single tenant or multiple occupiers, is slated for delivery later this year. It will become the largest speculative industrial building in the Richmond market, according to the developer.

The project at 1653 Ashton Park Drive in South Chesterfield, Va., was announced in November, one month after PNK Group acquired the site for $12 million from Emerson Cos. This will be PNK Group’s first development in Virginia.

The Greater Richmond area is one of the top five markets in the Southeast when it comes to Class A vacancy, according to Jim Ingle, chair of the Chesterfield County Board of Supervisors and Bermuda District supervisor. Companies already located in the growing market include logistics and manufacturing firms the likes of FedEx, LEGO, Mondelez International, Nestle Purina, Sabra and Church & Dwight. The area is also home to prominent local companies including Shepherd Electric and A&A Transfer.

The site is 16 miles from Prince George, Va., and 20 miles from downtown Richmond and Richmond International Airport. Interstates 95 and 295 are both nearby.

New spec industrial from a busy developer

PNK Ashton Park will have 40- to 45-foot ceiling heights, more than 100 loading docks and 570 trailer spaces. The building, which will also include office space, can be used for a range of industrial purposes including manufacturing and distribution.

In March, PNK Group delivered PNK Lambert A, a 1.2 million-square-foot, cross-dock industrial building that is part of the PNK Park Southern Gateway campus in the Atlanta market. The developer broke ground on the McDonough, Ga., project in October 2023.

At full build-out PNK Park Southern Gateway is expected to have about 3 million square feet of industrial space across four facilities. The first building to come online was Lambert B, a 1.1 million-square-foot speculative building that was completed in 2019 and sold to KKR in 2021 for $103 million, according to CommercialEdge. KKR also acquired Lambert C, a 425,660-square-foot, single-tenant distribution building.

Earlier this year, PNK Group broke ground on PNK Park Valley View industrial park in Jessup Township, Pa. Valley View 11 and Valley View 19 will feature 162,907 square feet and 255,776 square feet, respectively.

Also in January, PNK Group completed a distribution center for Ecolab Corp. in High Point, N.C., totaling more than 1 million square feet.

The post PNK Group Starts Work on Large Virginia Spec Project appeared first on Commercial Property Executive.