Exeter Property Group Pays $31.2M for 2 Industrial Properties

Pennsylvania-based Exeter Property Group continues to expand its portfolio of industrial properties in the United States. In a transaction which closed on October 3, the company purchased two Class-A distribution buildings in the Richmond area.

By Adrian Maties, Associate Editor

Exeter Property Group continues to expand its portfolio of industrial properties. In a transaction that closed Oct. 3, the Plymouth Meeting, Pa.-based company bought two Class A distribution buildings in the Richmond area from DRA Advisors of New York City. Richmond BizSense reports that the two buildings sold for a total of $31.2 million.

Exeter’s new assets comprise 502,395 square feet and were 92.4 percent leased to five tenants at the time of the sale. Gary Gabriel of Cushman & Wakefield Inc.’s New Jersey office, and Eric Robison and Evan Magrill, both of Cushman & Wakefield | Thalhimer’s Richmond office, represented the seller in the transaction.

The larger of the two properties, Enterchange at Walthall D, was constructed in 2003 at Ruffin Mill Road and I-95 in Colonial Heights. The 287,318-square-foot facility traded for $18.4 million.

Enterchange at Northlake A was completed in 2005. Located at Lakeridge Parkway and I-95 in Hanover County, it offers 215,077 square feet of industrial space and was 82% leased at closing. The property changed hands for $12.8 million.

Exeter Property Group has been on a buying spree this year, In March, the company paid $43 million for a three-property portfolio in Memphis. And later, in May, Exeter purchased a 576,652-square-foot industrial/flex portfolio in Prince George’s County, Md., for $37 million.

Photo credit: Cushman & Wakefield | Thalhimer