Deal Profile / Business Plan
An institutional, ground-up industrial development spanning roughly 56 acres across two parcels at the interchange of Route 895 and South Airport Drive, less than a mile from Richmond International Airport. With efficient access to I-95, I-64, and I-295, the site is positioned as a well-located distribution and manufacturing hub in one of the region’s tightest industrial submarkets. The initial phase centers on a 334,800± SF rear-load facility with 32-foot clear heights, built to accommodate warehousing, distribution, and manufacturing and readily divisible for one to five tenants, with additional build-to-suit opportunities contemplated elsewhere on the site. Commonwealth controls the asset in partnership with Samet Corporation — a leading Southeast developer serving as general contractor.
Commonwealth closed on the land in the second quarter of 2025 and expects to begin vertical construction in the fourth quarter of 2026. Having already created significant value through entitlements, third-party reports, POD approval from Henrico County, and extensive due diligence, Commonwealth has meaningfully de-risked the project against a backdrop of severely constrained entitled-land supply. As developer and operator, Commonwealth will leverage its in-house brokerage, property management, and asset management teams to drive leasing at market rates and maximize operational efficiency at delivery. Purpose-built for strong demand in the 50,000–200,000 SF range, the plan is to deliver, lease, and stabilize a Class A asset that capitalizes on the airport corridor’s location and the market’s shortage of quality industrial product.
