Dominion Packaging Pays $9M for Former Mazda Warehouse
- Sep 05, 2013
Dominion Packaging Inc. has acquired a 317,400-square-foot former Mazda warehouse at 5700 Audubon Drive. An affiliate of New Jersey-based Hampshire Real Estate Cos. sold the property for $9 million.
Located on a 16-acre parcel near Richmond International Airport, the one-story warehouse was constructed in 1989 for Mazda, which occupied it until 2004. Sunrise Construction then leased the property from 2008 to 2011.
Evan Magrill of Cushman & Wakefield | Thalhimer represented the buyer. CBRE Group Inc.’s Matt Anderson and John Carpin represented Hampshire Real Estate.
Anderson told the Richmond BizSense that the warehouse had been on the market since 2011 and has recently attracted a burst of activity, with two additional investors offering to buy it and several tenants looking to lease nearly half of the building. Anderson added that 5700 Audubon will continue to be used for manufacturing.
The sale boosts Richmond’s industrial market by taking more than 300,000 square feet off the block. According to a recent CBRE report, industrial and flex leasing in the area remain soft. During the second quarter, the Richmond market posted negative absorption of 138,796 square feet and average asking rents slipped to $3.93 per square foot.
Chart courtesy of CBRE Group Inc..