Northlake II Boosts Ashland's Industrial Market with Strategic Lease to DPR Construction
- The Northlake II industrial park in Ashland includes a pivotal lease to DPR Construction, enhancing local logistics capabilities.
- With a total of 548,000 square feet, Northlake II addresses robust demand for high-quality industrial spaces in Ashland.
- Construction of Building D in Northlake II will further strengthen Ashland's appeal as a logistics and manufacturing hub.
Strategic Industrial Growth: Northlake II's Impact on Ashland's Market
Matan Companies, a leading industrial developer in the Mid-Atlantic region, secures a pivotal full-building lease for the final phase of its Northlake II industrial park, marking a significant development in Ashland's industrial landscape. This 203,000-square-foot facility is leased to DPR Construction, known for its innovative construction solutions across various sectors. The addition of this facility aligns with DPR's strategic expansion in Ashland, approximately 15 miles north of Richmond along Interstate 95, reinforcing the area's appeal for logistics and distribution operations.
Northlake II, which comprises four buildings with a total of 548,000 square feet, has already seen success with the initial phases, where Buildings A, B, and C are leased to prominent tenants like Ferguson Enterprises and Chadwell Supply, totaling 345,000 square feet. The demand for high-quality industrial spaces in Hanover County remains robust, with low vacancy rates underscoring the area's attractiveness. JP Matan, Principal at Matan Companies, highlights that this lease not only reflects the resilience of the Richmond industrial market but also signifies a commitment to developing spaces tailored for innovative companies like DPR.
Construction of the final building, Building D, commenced in the summer of 2025 and is expected to be completed by late spring 2026. This development signifies a strategic investment in Ashland's industrial capabilities, further enhancing the region's logistical and manufacturing strengths. As businesses increasingly seek locations that provide efficient access to major transportation routes, the Northlake II industrial park positions Ashland as a desirable hub for companies looking to expand their operations in the East Coast market.
In addition to the lease, DPR Construction's expansion into Richmond aligns with its regional development strategy, allowing the company to enhance its presence on the East Coast. This move contributes to the overall growth of the industrial sector in the area, as businesses recognize the benefits of establishing operations in regions with strong logistical advantages.
As the industrial landscape continues to evolve, Matan Companies' developments like Northlake II are reflective of broader trends in the market, showcasing the ongoing demand for high-quality industrial spaces that cater to innovative construction and logistics companies.