JLL completes sale of million-square-foot Richmond industrial portfolio

WASHINGTON, D.C., Oct. 27, 2025 –  JLL Capital Markets announced today the sale of the Richmond Airport Logistics Portfolio, a six-building industrial complex totalling 1,002,041 square feet. This transaction represents one of the largest industrial portfolio sales in the Richmond market this year.

JLL represented the seller in the sale to the Silverman Group, which will be managed by SL Industrial Partners.

The Richmond Airport Logistics Portfolio consists of six Class A and B distribution facilities constructed between 1971 and 1999, all located within a five-minute drive of Richmond International Airport, one of the nation's busiest air cargo facilities, handling over 140 million pounds of cargo annually. The properties span three sites in the Richmond’s eastern metropolitan area, with all buildings positioned within seven minutes of each other, forming a cohesive industrial hub with exceptional connectivity.

"The Richmond Airport Logistics Portfolio presented a rare investment opportunity, creating scale and operating efficiency of institutionally owned and operated infill assets in one acquisition," said Ginna Wallace, Director at JLL. "The scarcity of this offering was enhanced by its location in Richmond’s Airport submarket which boasts some of the Mid-Atlantic’s strongest market fundamentals, including a 1.8% vacancy and some of the highest market rents and year-over-year rent growth.”

At the time of sale, the portfolio’s six buildings were 95% leased to 26 tenants representing diverse industry sectors, including data center servicing, global distribution, building supply, records storage and supply chain logistics. In-place rents are approximately 21% below current market levels, with a weighted average lease term of less than three years, presenting SL Industrial Partners with a near-term opportunity to increase income through mark-to-market adjustments.

The buildings feature clear heights ranging from 18 to 25.5 feet, with a combined total of 212 dock doors and modern amenities including LED lighting,  spacious truck courts and other upgrades. Configurations include cross-dock, front-load and rear-load layouts, providing flexibility for various logistics and distribution operations.

Strategically positioned adjacent to the intersection of Interstate 295 and Interstate 64, the portfolio offers direct access to Interstate 95 within 14 minutes. This location enables efficient distribution along the Eastern Seaboard and allows tenants to reach 55 percent of the U.S. population within a one-day delivery radius by truck. The properties are also proximate to the Port of Virginia, located approximately 70 miles southeast and accessible via the James River Barge Service through the Richmond Marine Terminal.

"The acquisition of the Richmond Airport Logistics Portfolio represents our continued growth and expansion in the greater Richmond VA area, and increasing our presence in the Mid-Atlantic industrial market," said Blake Silverman President at Silverman Group. "We continue to look for valued opportunities in this region that fit our growing industrial platform.”

The JLL Investment Sales and Advisory team was led by Senior Managing Directors Bill Prutting and Pete Pittroff, along with Senior Directors Craig Childs, Chris Dale and Dave Andrews and Director Ginna Wallace. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

The Silverman Group family of companies is nationally recognized as owners, investors, developers and managers of real estate throughout the country with corporate offices, in Basking Ridge, NJ. With more than 30 million square feet in our portfolio across industrial, flex, aviation, office, retail and multi-family residential communities, we are always looking for new and exciting opportunities in all sectors of the commercial real estate market. Our in-house team, comprised of dedicated real estate professionals with specialties in acquisitions/dispositions, leasing, legal, investment, construction and management, brings the expertise and commitment necessary to effectively navigate the ever changing landscape. For further information, visit silvermangroup.net