Deal Profile / Business Plan
A Class A, multi-tenant flex/industrial development totaling roughly 70,000 square feet across four parcels on approximately 10.9 acres in Richmond’s Staples Mill / Parham / Glen Allen submarket. With convenient access to I-95, I-295, and I-64, the asset is positioned as a strategic last-mile facility serving Richmond’s western suburbs and the Short Pump corridor. Its ~24-foot clear heights, minimal office buildout, and rear-loaded dock and drive-in access were purpose-built for tenants seeking to maximize functional warehouse space — a product type Commonwealth identified as underserved in the submarket.
Commonwealth sourced the land, executed the ground-up development, and delivered and leased the asset to stabilization. Today the property is fully leased at above-market rents to a stable base of three tenants carrying a long-term weighted-average lease term. By pairing its in-house brokerage, property management, and asset management teams with deep local market knowledge, Commonwealth capitalized on a shortage of quality flex/industrial product to drive strong leasing outcomes — delivering a well-tenanted, income-producing asset in one of Richmond’s most accessible industrial corridors.
