Matan Companies fully leases final building at Northlake II in Ashland, VA

Savills & CBRE represent DPR Construction in 203,000 s/f, full-building transaction

ASHLAND, VA — Matan Companies has secured a full-building lease for the final phase of its Northlake II industrial park. The 203,000 s/f building has been leased to DPR Construction.

Northlake II, located in Ashland, Virginia, 15 miles north of Richmond, is a premier class A industrial development spanning four buildings and totaling 548,000 s/f. Phase I (Buildings A, B, and C), totaling 345,000 s/f, was delivered and leased in early 2024 to tenants including Ferguson Enterprises, Chadwell Supply, Envoy Solutions, and Haskell Hardware. The strategic positioning along Interstate 95 provides connectivity to the East Coast’s primary north-south corridor, ideal for logistics, manufacturing, and distribution operations in Hanover County’s thriving market.

Construction on Building D commenced in summer 2025, with completion targeted for late spring 2026. This lease underscores the robust demand for high-quality industrial space in Greater Richmond, where vacancy rates remain low and absorption continues to outpace new supply.

DPR Construction, founded in 1990 and headquartered in Redwood City, California, brings its expertise in sustainable and technology-driven projects to Virginia. With annual revenues exceeding $9 billion and a workforce of over 10,000, DPR has completed landmark builds nationwide, including hospitals, data centers, and corporate campuses. This new facility will enhance DPR’s East Coast presence.

JLL’s Gareth Jones, Chris Avellana, and Charlie Polk represented Matan at Northlake II, and DPR was represented by Savills and CBRE on this deal.

“Our expansion into Richmond is a natural extension of our regional development strategy,” said Zach Jung, managing director, Matan Companies. “With Northlake II fully leased, we will kick off Northlake III this spring, a single building totaling 210,000 s/f with ample trailer parking and IOS.”