Cole Pays $81M for New Amazon Facility in Chesterfield County

Amazon’s massive Chesterfield County fulfillment center opened last October, bringing over 1,000 jobs to the area. Now, after just 10 months of activity, it was acquired by an affiliate of Cole Real Estate Investments.

By Adrian Maties, Associate Editor

Just 10 months after opening last October, Amazon’s 1 million-square-foot fulfillment center in Chesterfield County has been acquired by an affiliate of Cole Real Estate Investments in an $81.3 million deal.

According to a filing with the Securities and Exchange Commission, Cole Corporate Income Trust Inc. paid $81.25 million for the property in a deal that closed on July 31. Completed at a cost of $85 million, the asset is located off of Interstate 295 in Meadowville Technology Park.

On the same day, Cole closed on the $69 million acquisition of an Amazon warehouse in Murfreesboro, Tenn. USAA Real Estate Co. was the seller of both properties, which are leased to Amazon through September 2027.

Cole has been on a Virginia buying spree of late. Its recent pickups include Hancock Village, a 153,853-square-foot shopping center in Chesterfield County acquired for $27.5 million, and The Shops at White Oak Village, a retail center in eastern Henrico County for which Cole paid $68 million.

In 2011, Amazon announced its plans to invest $135 million and open distribution centers in Chesterfield and Dinwiddie counties, creating over 1,350 jobs. It was the biggest job-creating business expansion program in the state since 2004. Earlier this year, the Greater Richmond Association for Commercial Real Estate also named the Chesterfield County facility its 2012 project of the year.

Photo credits: Google Maps.