Description

On behalf of the Seller, Jones Lang LaSalle Americas, Inc. ("JLL") has been retained as the exclusive sales representative for the RVA East Portfolio (the "Portfolio") - a collection of seventeen (17) infill shallow-bay assets totaling 2.4 million square feet, located in Richmond's high-performing Airport/East End and Laburnum/Rt 360 submarkets.

The Portfolio provides investors the opportunity to make the largest single acquisition by square footage ever offered in the Richmond market and instantly become one of the market's most prominent owners. This investment offering represents assets in three (3) distinct, high-performing parks, Richmond Logistics Center (12 buildings totaling 1,902,600 square feet), Woodlands Distribution Center (4 buildings totaling 344,102 square feet) and Eubank Distribution Center (1 building totaling 141,360 square feet). This opportunity features a diverse, credit-worthy, and entrenched tenant mix with 3.65 years of Weighted Average Lease Term (WALT).

The Portfolio demonstrates strong institutional stewardship with well-maintained assets that offer substantial value-creation potential through a 20% mark-to-market opportunity. The lease expiration schedule is distributed with no single year representing more than 21% rollover, which mitigates concentration risk while also enabling proactive repositioning and leasing maintenance. The acquisition encompasses a plethora of industrial product types spanning IOS (industrial outdoor storage), shallow-bay facilities, and traditional distribution centers, providing diversified exposure to property segments. RVA East benefits from exceptional connectivity with direct access to I-95 and proximity to downtown Richmond, positioning the Portfolio as a premier location for local and regional operators alike.

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Attributes

Building area gross

221,858 m²

Occupancy

94%

WALT

3.6 years

Number of buildings

Tenants

RVA East Logistics Portfolio (15 Properties)

Media

Investment Highlights

NATION-LEADING MARKET FUNDAMENTALS

Richmond's industrial market demonstrates exceptional strength with 96.0% occupancy and 7.9% CAGR over the past five years, reflecting sustained demand and pricing power that positions the Metro among the nation's top-performing distribution markets.

NEAR-TERM VALUE CREATION | MARK-TO-MARKET

The Portfolio's 3.65-year WALT enables new ownership to create value in 67% of the leases with a mark-to-market of 33%, 15%, and 46% in the first 3 analysis years respectively, yielding compounded annual growth rate (CAGR) in net operating income (NOI) of over 10% during the first 24 months following acquisition.

WELL-POSITIONED FOR LOCAL AND REGIONAL DISTRIBUTION

RVA East's strategic position near the I-95 and I-64 interchange enables tenants to reach the entire East Coast within a single-day truck drive, providing exceptional distribution efficiency.

STRONG TENANT BASE AND LEASING VELOCITY

Since its acquisition in July 2023, current ownership has executed 39 leases/amendments totaling 1.67M square feet (70% of the total portfolio) with an average mark-to-market of 52%.

DIVERSE TENANT MIX AND ORGANIC GROWTH AT THE PORTFOLIO

RVA East's diverse tenant roster of 47 occupiers spans seven distinct industries, creating natural diversification. Ten tenants have collectively expanded their footprint by 93% - from 551,000 SF to over 1.0MM SF - demonstrating strong commitment to the Richmond market and operational success within the Portfolio. Notably, four tenants have more than doubled their original space requirements.