Richmond’s Latest Industrial Development with SCOA Real Estate Partners
SCOA Real Estate Partners (SREP) recently unveiled its latest project in Richmond, Virginia. This venture, a partnership with Lingerfelt, signals not only SREP’s expansion into a thriving industrial market but also its commitment to shaping the future of supply chain and warehousing infrastructure. The Richmond project represents a seamless blend of strategic location, innovative design, and economic foresight.
A Prime Location for Logistics
Nestled near the nexus of I-95 and I-64, Richmond sits at the heart of the East Coast’s economic corridor, providing unparalleled access to 45% of the U.S. population within a single day’s drive. Joe Zagranski, CEO of SCOA Real Estate Partners, encapsulated the project’s significance.
“This location is truly unparalleled for logistics and distribution,” explained Zagranski. “Access to the Port of Virginia, one of the largest and busiest on the East Coast, further solidifies Richmond as a critical hub for businesses like Amazon and Sam’s Club that require extensive warehousing solutions.
The collaboration with Richmond-based Lingerfelt is a hallmark of SREP’s approach to strategic partnerships. Lingerfelt’s deep roots and proven expertise in real estate development align seamlessly with SCOA’s vision for innovation and reliability. Zagranski remarked, “Lingerfelt’s impeccable track record complements our own strengths in logistics development. By pooling our expertise, we’ve forged a partnership that elevates our capabilities.
Boosting Local Economies and Creating Opportunities
The project, which spans a construction timeline of 12 months, will culminate in a cutting-edge facility designed to meet the dynamic needs of the industrial market. SREP brings a wealth of experience to the table, ensuring efficient project execution and innovative solutions to potential challenges. The $31.5 million project cost underscores the company’s confidence in the Richmond market.
The development is expected to create significant construction and future tenant jobs while contributing to local tax revenues. Beyond its immediate impact, the project lays the groundwork for sustained economic activity, attracting businesses seeking access to a highly connected and strategically located industrial corridor, although Zagranski shared his enthusiasm for the project’s broader implications.
“The project is designed for a maximum occupancy of 694 people, depending on the tenant(s) and the number shifts operating here, and has the potential to house approximately 1,400 permanent jobs,” he continued. “During the construction process we estimate approximately 85 construction jobs will be required, and once the project is completed and occupied, the annual property and business taxes generated are estimated to be between $300,000 -$400,000.”
A Strategic Step Forward
The Richmond project reflects the dedication and hard work of our Industrial Team, whose meticulous research and planning brought this vision to life.As you can see, the development reflects the company’s focus on addressing market demands through thoughtful and efficient research and project planning. The investment is part of a broader strategy to expand its industrial portfolio while supporting the growth of supply chain infrastructure. By concentrating on practical, value-driven developments like this one, SREP aims to contribute meaningfully to the logistics and real estate sectors while fostering opportunities for local communities.
