Davis Cos and Lingerfelt Announce Acquisition of 95 Acres for 7 Hills Distribution Project
Deal News | May 29, 2025 | Davis Cos/The
Lingerfelt and The Davis Companies have announced a joint-venture acquisition of 95 acres in Henrico County, Virginia, to develop the 7 Hills Distribution Center. Located near Richmond International Airport, this strategically important site is fully permitted for the phased construction of 820,800 square feet of Class A warehouse space across four buildings. Phase I is targeted to begin in late summer 2025, featuring infrastructural work including the extension of 7 Hills Boulevard and the speculative development of a 267,840-square-foot Building 1, expected by Fall 2026. This project is seen as crucial to meet the rising demand for quality industrial facilities and follows the successful completion of a previous joint venture, Carmel Church Business Center. Arco Design/Build, RK&K, and Troutman Pepper Locke are involved as contractors, engineers, and legal counsel respectively. The partnership highlights the firms' ongoing commitment to expanding industrial assets in growth corridors, capitalizing on proximity to transport hubs like the Richmond International Airport.
Sectors
- Real Estate Development
- Logistics and Distribution
- Construction
Geography
- United States – The project takes place in Virginia, which is part of the United States, involving U.S.-based companies and firms.
- Virginia – The 7 Hills Distribution Center is located in Henrico County, Virginia, and the proximity to Richmond and major transport hubs is a decisive factor in the development.
Industry
- Real Estate Development – The article discusses the acquisition and planned development of land for warehousing, which is a core aspect of the real estate development industry.
- Logistics and Distribution – The project focuses on developing warehousing and distribution facilities that cater to logistics needs, fitting into the logistics and distribution sector.
- Construction – The planned construction of warehouse buildings and necessary infrastructure highlights the involvement of the construction industry.
Financials
- $9 million – This is the acquisition price paid for the 95-acre land parcel in Henrico County.
- Land valued at $3.8 million – Henrico assessed value of the property before the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Lingerfelt | Joint Venture Partner and Developer | Company | A local real estate investment firm collaborating with Davis Cos. on this distribution center project. |
| The Davis Companies | Joint Venture Partner and Developer | Company | A Boston-based real estate investment and development firm partnering with Lingerfelt on the distribution center project. |
| International Real Estate Development | Selling Company | Company | The original owner of the land sold to the joint venture for the development of the distribution center. |
| Commonwealth Commercial Partners | Broker | Company | A commercial real estate firm that facilitated the land transaction between the seller and joint venture. |
| Arco Design/Build | General Contractor | Company | Contracted to execute the construction phase of the distribution center. |
| RK&K | Civil Engineer | Company | Responsible for the civil engineering services required for the project. |
| Troutman Pepper Locke | Legal Counsel | Company | Provided legal services for the joint venture's development project. |
| Ryan Lingerfelt | Chief Executive & Investment Officer | Person | Ryan Lingerfelt leads Lingerfelt and plays a key role in the project development. |
| Kevin Wong | Vice President of Investments | Person | Involved in the project from the Davis Companies' side, focusing on investment strategies. |
| Rob Valentine | Managing Director of Investments | Person | Involvement in the acquisition and development strategy at Lingerfelt. |