Mesa West Provides $34M in Acquisition Financing for Virginia Warehouse
Matan Companies takes control of a 321,470-SF distribution center off I-95
By Brian Pascus October 30, 2023 4:10 pm
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Matan Companies, a Washington, D.C.-based commercial real estate developer and investor, has secured $34 million to acquire Deepwater Industrial Park, a 321,470-square-foot distribution and warehouse center in Richmond, Va., Commercial Observer has learned.
Mesa West Capital originated the mortgage, a five-year, non recourse loan. Drake Greer of JLL (JLL) arranged the financing for the borrower.
Matthew Snyder, Mesa West Capital’s executive director, and his origination team headed up the transaction out of the firm’s Chicago office.
“The Richmond industrial market has flourished and continues to exhibit stable long-term
demand due to its central location and multimodal connectivity,” said Synder in a statement.
Deepwater Industrial Park consists of two large distribution buildings that were delivered in May 2023: a 202,000-square-foot complex that is 50 percent leased to Lowes Pro Supply and a 119,470-square-foot building that remains vacant. Each building features 36-foot clear heights, dock-high and drive-in doors, and expansive truck courts.
The two buildings stand next to a 1.2 million-square-foot industrial facility that is leased exclusively by Lowes.
Located at 2301 and 3001 Commerce Road directly along Interstate 95 in Richmond, Deepwater Industrial Park stands near a highway artery that delivers access to East Coast cities producing nearly half the gross domestic product in the contiguous U.S., and the Richmond Marine Terminal, a freight and distribution center with direct access to the Port of Virginia in Norfolk, one of the largest ports on the East Coast.
“With its top-of-market specs, strong sponsorship and central location along I-95, [Deepwater] is primed to attract significant interest from tenants looking to be in the Richmond market,” said Snyder.
Brian Pascus can be reached at bpascus@commercialobserver.com
