Matan Companies Fully Leases Final Northlake II Building to DPR Construction in Ashland, VA

Ashland, Va. — December 18, 2025 — Matan Companies announced that it has fully leased the final building at its Northlake II industrial park in Ashland, Virginia, through a 203,000-square-foot agreement with DPR Construction. The project, located approximately 15 miles north of Richmond, brings the total occupancy of the four-building, 548,000-square-foot industrial development to 100%.

Industrial Development Near Richmond Reaches Full Occupancy

Northlake II is a Class A industrial complex positioned along Interstate 95. The first phase, totaling 345,000 square feet across three buildings, was completed and leased in early 2024 to tenants including Ferguson Enterprises, Chadwell Supply, Envoy Solutions, and Haskell Hardware. Construction on the final building, known as Building D, began in summer 2025 and is scheduled for completion in late spring 2026.

DPR Construction Expands East Coast Presence

DPR Construction, headquartered in Redwood City, California, is a general contractor with projects across commercial, healthcare, higher education, technology, and life sciences sectors. The company reports annual revenues exceeding $9 billion and employs more than 10,000 people nationwide. The new facility at Northlake II will support DPR’s operations in Virginia and the East Coast region.

Leadership Comments

“This milestone achievement for Northlake II highlights the enduring strength of the Richmond industrial market and our commitment to developing spaces that meet the evolving demands of forward-thinking tenants like DPR Construction,” said JP Matan, Principal at Matan Companies.

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

Brokerage Representation and Next Phase

JLL’s Gareth Jones, Chris Avellana, and Charlie Polk represented Matan Companies in the Northlake II lease transaction. DPR Construction was represented by Savills and CBRE. Matan Companies plans to begin development of Northlake III in spring 2026.

About the Northlake II Project

The Northlake II development reflects continued demand for industrial space in the Richmond area, where vacancy rates remain low and absorption continues to outpace new supply. The project’s location and infrastructure are designed to accommodate logistics, manufacturing, and distribution tenants seeking access to major transportation routes.

Source: Matan Companies