Flint Development Secures Massive Lease Deal for its Northern Virginia Warehouse

Electrical contractor J.E. Richards signed a 935,000-square-foot lease for an industrial space in Stafford, Va.(opens in new tab), in what is one of the biggest single-tenant deals of its kind in the northern Virginia market.

The property is located near Stafford Regional Airport at 211 Centreport Parkway and just off Exit 136 of I-95. Also known as Capital 95 Logistics, the building was finalized in June by Contegra Construction Co.

The agreement extends throughout a 10-year period(opens in new tab) with 500 J.E. Richards employees expected to move into the warehouse before the end of the year. JLL’s John Dettleff represented the landlord, Flint Development, while Michael DiMeglio and Michael Isen of NAI Michael negotiated on behalf of the tenant.

“Centreport Parkway was once a prime location for regional distribution because of its combination of scale and proximity to Washington, D.C.,” Dettleff said. “Today, it has become main-on-main industrial space within one of the region’s newest data center markets.”

To get a sense of the magnitude of this deal for the Northern Virginia industrial market, another recent notable lease in the area was signed by office supply firm Guernsey. This deal, for a much more modest 61,000 square feet at 45070 Old Ox Road in Dulles, Va., was the largest deal across the market in the second quarter.

“Over the last year, we’ve seen a significant increase in large-scale industrial leasing activity across the metro D.C. and D.C.-Richmond corridor markets, particularly for spaces of 250,000 square feet or more,” Dettleff said. “Increasingly, that demand is coming from companies supporting the data center industry, including manufacturers and other specialized users.”

Examples of such transactions include TA Realty’s $132 million acquisition of Woodbridge industrial park — a 13-building portfolio — in July, as well as The Silverman Group’s $203 million deal for a 1.4-million-square-foot industrial portfolio in January. The sale included 50 buildings in Maryland and Virginia.