Development firm Manekin, LLC announced the purchase of three buildings in Virginia for $20 million Tuesday, in what the Columbia-based company said is a first step to expansion in the Richmond area.
The buildings, which encompass 617,232 square feet, are located close to the Richmond International Airport, where Amazon has placed two large distribution centers. Manekin senior vice president Owen Rouse Jr. said he has been studying the Richmond market for about a year and expects Amazon’s presence will help draw tenants to the area.
“Richmond’s a market on the rise,” he said. “We think there is demand and if there is, we’re going to see it at our project.”
This is the first investment purchase made by Manekin LLC since the company’s property management and brokerage groups merged with Colliers International Baltimore in April, Rouse said. Colliers will manage the properties, located at South Laburnum Avenue and Eubank Road in the Interport Business Center.
Founded in 1946, Manekin developed much of Charles Center, which kicked off the revival of the Inner Harbor. The business ceded local control to a San Francisco-based real estate investment trust in 1999.