RICHMOND, VA (June 26, 2023) – The Davis Companies and Lingerfelt announced a joint venture to develop the Carmel Church Business Center, a Class A industrial project located in Caroline County, just 25 miles north of Richmond, Virginia. Upon buildout, Carmel Church will deliver 325,500 square feet of institutional quality, rear-load warehouse space to the region.
Proximity to key interstates and to the Port of Virginia position Richmond as a robust industrial hub with significant unmet demand for warehouse space. The Carmel Church site is situated along I-95, offering convenient access to major metropolitan areas in the Mid-Atlantic and Northeast. Located just off the first interchange in Caroline County, the development will be part of a well-established industrial area with recently upgraded roads, infrastructure, and secure access to utilities.
Investment in and development of industrial space is a top priority for Davis. The firm’s growing portfolio has seen nearly 15 million square feet of industrial and self-storage space delivered to date. This joint venture marks Davis’ third industrial investment in Virginia and the first in the Southern part of the state.
“As a growing logistics hub, Richmond continues to see high demand for Class-A warehouse projects that will bring new companies to the region,” said Cappy Daume, Chief Portfolio Management Officer at Davis. “Davis is thrilled to partner with a respected firm like Lingerfelt to expand our industrial investment footprint in Virginia through a highly accessible, first quality, ground up project.”
John Mason, Senior Vice President at Lingerfelt, said, “We believe the Ruther Glen interchange in Caroline County is one of the most strategic locations along the I-95 corridor from Petersburg to Woodbridge. Not only does this location provide users convenient service to the Richmond MSA and south, but it also provides coverage well into the northern Virginia region, at occupancy costs which are much less than those northern markets.”
ARCO Design/Build Richmond, a division of ARCO DB Companies; the construction partner on the project, will break ground on development immediately. Delivery of the site is expected in Q2 2024.
