US Cabinet Depot Signs 194,400 Square Foot Lease with MacKenzie Investment Group at North Richmond Industrial Park in Virginia
Imminently-delivering 315,900 square foot industrial/warehouse building is now 62 percent leased
Georgia-based US Cabinet Depot has signed a lease with MacKenzie Investment Group for 194,400 square feet of space within North Richmond Industrial Park, a two-building, 75-acre industrial park, which will ultimately contain approximately 550,000 square feet of industrial/warehouse space in Richmond, Virginia. The supplier of kitchen and bathroom cabinetry and decorative hardware intends to occupy 12063 Washington Highway, an imminently-delivering 315,900 square foot industrial/warehouse building, this summer. Approximately 122,000 square feet of space now remains in the 62 percent leased, one-story building comprising the Phase II section of the park. The developer was represented by Jimmy Appich and Muscoe Garnett of JLL and Jason Hetherington SIOR, Brad Lowry and Doug Tice of CBRE represented the tenant in this transaction.
MacKenzie Investment Group, the commercial real estate development and investment division of The MacKenzie Companies, delivered a 202,500 square foot building in the Phase I section of the industrial park in 2022. The asset located at 11060 Johnson Road was subsequently 100 percent leased to The Home Depot; MS International, Inc., and Sentara Healthcare.
US Cabinet Depot is the largest RTA Kitchen and bath cabinets distributor in North America, with distribution centers in Georgia, California, Texas, Massachusetts, Florida, Illinois, Utah, and more to come. The company intends to utilize 12063 Washington Highway as a distribution and logistics center to support its customers on the East Coasts. More than 60 people are expected to work at the site.
Constructed on a speculative basis and located along US Route 1 and Interstate 95 and approximately 20 miles north of Richmond, 12063 Washington Highway is a highly efficient cross-docked distribution center equipped with 36-foot clear ceiling heights, 78 dock doors and four drive-in docks, and is surrounded by a surface parking lot that can accommodate nearly 240 cars and more than 100 trailers.
The industrial park is situated less than two miles from I-95 and within close proximity to Interstates 64, 85 and 295. North Richmond Industrial Park is positioned within 500 miles of 60% of the nation’s consumers, within 100 miles from the Port of Virginia and has direct access to Richmond International Airport which handles more than 140 million pounds of cargo annually. The project is also served by freight service through CSX and Northern Southern.
According to data compiled by research company CoStar Group, more than 100 million square feet of industrial/warehouse space is contained within the greater Richmond metropolitan area, and the currently vacancy rate is 3.9 percent. Nearly 40 buildings, comprising more than eight million square feet of space was delivered in the past year.
“We are excited to welcome US Cabinet Depot as a tenant in Phase II of our North Richmond Industrial Park. Their selection of our property further proves the strong fundamentals of the growing Richmond industrial market and our park’s location within the market,” said Gavin Gill, MacKenzie Investment Group’s Director. “The cross-dock facility is designed for maximum efficiency, with ample trailer and car parking on either side. The design also works well for multi-tenant occupancy.”
MacKenzie Investment Group is the real estate development and investment arm of The MacKenzie Companies, which operates six full-service divisions addressing all real estate asset classes including MacKenzie Commercial Real Estate Services; MacKenzie Management Company; MacKenzie Contracting Company; MacKenzie Capital; and MacKenize Multifamily Management. The company provides customized real estate solutions for institutional owners, investors, private companies, and individuals. For additional information, visit www.mackenziecommercial.com
