Lingerfelt has completed the sale of Ashton Creek Distribution Center, a recently developed industrial property in Chesterfield County that combines warehouse space with industrial outdoor storage, reflecting continued investor demand for logistics assets tied to infrastructure and data center activity.
The transaction includes a 173,800-square-foot Class A distribution facility and an adjacent 10-acre industrial outdoor storage yard leased to MEI Industrial Solutions, a contractor focused on the construction and servicing of data centers. Manulife Investment Management acquired the property, which was delivered in phases across 2024 and 2025.
The deal highlights a growing segment of the industrial market where developers are pairing traditional warehouse product with outdoor storage capabilities to support contractors, logistics operators, and infrastructure-oriented tenants. Industrial outdoor storage, often referred to as IOS, has become increasingly sought after as occupiers look for flexible space to stage equipment, materials, and vehicle fleets near major growth corridors.
In the Richmond region, that demand has been amplified by continued data center expansion across Virginia and the associated need for construction and service infrastructure. MEI’s long-term occupancy at Ashton Creek positioned the asset as a stabilized institutional investment with exposure to that broader ecosystem.
Lingerfelt initially delivered the warehouse component in early 2024, with MEI immediately taking occupancy under a single-tenant net lease structure. The company later expanded the project by acquiring and developing the adjacent IOS site specifically for the tenant’s operational needs, completing that portion in late 2025.
The facility includes 32-foot clear heights, ESFR sprinkler systems, modern loading configurations, and truck court layouts designed to accommodate large-scale industrial operations. The addition of the outdoor storage yard differentiated the property within the Greater Richmond industrial market, where newer institutional-grade IOS product remains relatively limited.
Brian Witthoefft, president of Lingerfelt, said the project evolved through a deeper partnership with the tenant as its operational footprint expanded.
“At ACDC, via an expanded relationship with MEI, we were able to efficiently deliver a built-to-suit IOS component that enhanced the tenant’s long-term occupancy and operational flexibility,” Witthoefft said.
The transaction also reflects continued institutional interest in newer industrial assets across secondary Southeast and Mid-Atlantic markets, particularly those tied to logistics, infrastructure, and data center supply chains. Investors have increasingly targeted stabilized industrial properties outside gateway markets as pricing and land constraints intensify in larger distribution hubs.
Newmark’s Industrial Capital Markets team represented Lingerfelt in the sale. Range Commercial Partners served as property management partner for the project, while JLL handled leasing and marketing.
Lingerfelt, based in the Mid-Atlantic, operates as a vertically integrated real estate investment management firm focused on commercial real estate development, acquisition, and operations across the Southeast and Mid-Atlantic regions. The firm and its partners have developed, acquired, and managed more than 25 million square feet of commercial real estate with an aggregate value exceeding $3 billion.