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Buchanan Partners has announced a joint venture with Principal Real Estate Investors to develop the 66 Logistics Center.
The building will be on 11 acres at 12875 Randolph Ridge Lane, just south of Interstate 66.
The project is a 121,672-square-foot warehouse with 1.9 acres of outdoor storage and 700 feet of frontage on Interstate 66. The 32-foot tall building will have 30 loading docks.
鈥淭he Manassas/Gainesville corridor continues to be a dynamic industrial submarket with strengthening demand from last-mile users,鈥� Buchanan Partners Principal Jimmy Roembke said in a news release. 鈥淲e鈥檙e excited to partner with Principal to develop a project that offers prominent visibility from Route 66 and a rare outdoor storage component.鈥�
The site plan was approved by Prince William County earlier this year, and the developer broke ground in March. Construction is expected to wrap up by the end of the year.
鈥淭he strong market fundamentals in Northern Virginia have resulted in a lack of supply serving last mile users over the past several years,鈥� Rob Klinkner, managing director of the eastern states region for Principal Real Estate Investors, said in the release. 鈥淭hat is why we are eager to work with Buchanan Partners to deliver 66 Logistics Center to this market given the extremely limited number of last-mile distribution opportunities in Prince William County.鈥�
