Deepwater Industrial Park

Richmond, Virginia

Property Overview

  • 110 acre site
  • 2.2 miles from the Richmond Port Tunnel and highly visible from Interstate 95
  • Three newly developed industrial buildings totaling approximately 1.5 million square feet

Acquisition Details

  • Acquired a 50% interest in the site in an off-market  transaction in April 2021, recapitalizing the ownership  structure at a below-market basis

Execution

  • Within 2 months of closing on the acquisition, executed a  long-term lease with Lowe’s for 1,200,000 SF
  • Secured construction financing for the Lowes building through Citizens Bank and for Buildings A & C through  Atlantic Union Bank
  • Sold the Lowe’s building upon delivery of certificate of  occupancy for $127M (3.75% cap rate) 
  • Buildings A & C (323,000 SF) were developed on a  speculative basis and delivered 33% pre-leased in  1Q2023 and sold in 3Q2023 for $40.2M

Property Size: 1,522,186 SF

Details

Location


2301, 2703 and 3001 Commerce Road, Richmond, Virginia

About DSC Partners

DSC Partners LLC is a real estate investment and development company that creates value through acquisition and enhancement of commercial properties in dynamic markets.

Founded by long-time DC real estate veterans Douglas J. Donatelli and Nicholas R. Smith, the company’s integrated approach to real estate investment optimizes long-term, risk-adjusted returns.

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Our Location

Westech Business Park77 Upper Rock