$60m development to add five spec industrial buildings in Hanover

By Jonathan Spiers | Richmond BizSense

A new section of buildings at Hanover’s Northlake industrial park is getting underway, with a Maryland-based development firm at the helm for its first project in the Richmond market.

Matan Companies, headquartered in Frederick, Maryland, is starting site work next month for the first three of five planned industrial buildings that will make up Northlake II, slated to fill 63 acres off Harley Club Drive next to the General RV Center along Interstate 95.

An entity tied to the Michigan-based RV company owns the site where Matan will develop the five buildings totaling 655,000 square feet of Class A industrial space. JLL is handling marketing and leasing for the buildings, with the real estate firm’s Gareth Jones, Chris Avellana and Charlie Polk its local boots on the ground.

The first three buildings are scheduled for completion next spring, with the rest of the section filling out by mid-2022. The single-floor buildings will range from 91,000 to 192,000 square feet, with four of the five buildings exceeding 100,000 square feet.

Space will be leased at a minimum of 20,000 square feet. The buildings will feature 32-foot ceiling clearance heights, dock-high doors and trailer drop areas.

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