Saltbox Expands Co-Warehousing Concept to Alexandria
Saltbox, a co-warehousing company, has signed a 45,407-square-foot lease in Alexandria, Va., according to the company.
The company is leasing space at 4700 Eisenhower Avenue with owner Fundrise, which acquired the property in December 2021 for $14.1 million.
Last April, Saltbox completed a $10.6 million series A financing round with a goal to expand its business, which provides warehouse space and logistics services to small businesses. It currently has locations in Los Angeles, Denver and Seattle, and the Alexandria lease marks its entrance into D.C. market.
“The greater Washington, D.C. region in general, and Northern Virginia specifically, has been a top-priority market for us from the beginning,” a Saltbox spokesperson told Commercial Observer. “Alexandria in particular promises great proximity to our member base as well as excellent connectivity to the market as a whole.”
Originally built in 1972, the Alexandria warehouse is situated inside the Capital Beltway in one of Northern Virginia’s strongest industrial submarkets. The warehouse features 32-foot ceilings, dock and drive-in loading, and a well-appointed interior office buildout.
Saltbox’s new location will provide operational leverage to primarily small- to medium-sized businesses in the local area.
“Companies can come to Saltbox for approachable fulfillment solutions, flexible workspace and on-demand skilled workforce support, all in a place with premium amenities and a community of like-minded entrepreneurs,” the spokesperson said.
JLL represented both sides in the lease.
On a recent Million Acres podcast, Ben Miller, CEO and founder of Fundrise, called Saltbox the “WeWork of industrial” in describing their partnership, as they will be working together on multiple properties.
“If you sell on Etsy, if you’re selling e-commerce and you need 5,400 square feet to deliver 10,000 units a year, you can’t get that from industrial building,” he said. “You have to rent 200 square feet. They’ve created this WeWork model where there’s a much clearer value proposition and there’s a huge premium because yo’’re not paying for square footage, you’re paying for a service which is to fulfill your logistics needs of your business.”
Requests for comment from Fundrise were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.