Hickory Hill Road
In collaboration with Raith Capital Partners, EIP acquired 10462 Hickory Hill Rd in Ashland, VA. This case study highlights EIP's strategic vision, innovative deal structure, and commitment to creating value through a successful joint venture and a long-term lease agreement with a prominent tenant.
Strategic Acquisition and Joint Venture
In November 2021, EIP embarked on a strategic joint venture with Raith Capital Partners to acquire the property at 10462 Hickory Hill Rd from Becknell Industrial who had already secured plans and construction materials at an attractive price. This acquisition allowed EIP and Raith to develop a best in class facility at an attractive build cost of less that $70/sf. The property spans an impressive 189.83 acres and includes a single building with a sprawling 1,112,100 square feet of industrial space.
Secure Long-term Lease Agreement
Prior to completion of construction, EIP secured a 13-year lease agreement with SanMar Corp, the largest supplier of wholesale imprintable clothing and accessories in the US.
Investment and Growth Potential
EIP, in collaboration with Raith Capital Partners, invested an additional $5 million in tenant improvements to enhance the facility for SanMar Corp's operations. Upon completion, the facility is expected to house 1,000 new jobs, contributing to the local economy and fostering growth in the region.
Strategic Location and Fully Leased
The property at 10462 Hickory Hill Rd boasts a key location just off Interstate 95, with convenient access to Richmond International Airport and Marine Terminal, less than 30 miles away. The building features 36' ceilings, LED lighting, cross-dock loading, and ample parking accommodations for trailers and automobiles. Additionally, the property is fully leased, further highlighting its appeal as a premier industrial asset.
The case study of 10462 Hickory Hill Rd in Ashland, VA showcases Equity Industrial Partners' excellence in industrial real estate investment and development. The strategic acquisition, joint venture with Raith Capital Partners, and long-term lease agreement with SanMar Corp exemplify EIP's commitment to delivering premier industrial spaces and generating exceptional returns.