Rockpoint Group and Rockpoint Industrial Acquire Richmond Trade Center, a 1.03 Million-Square-Foot Industrial Campus in Chester, Virginia
BOSTON and RICHMOND — Rockpoint Group and Rockpoint Industrial, an operating partner exclusive to Rockpoint, have acquired Richmond Trade Center, a 1.03 million-square-foot, five-building Class A industrial campus in Chester, Virginia. Rockhill Management, a property services affiliate of Rockpoint, will manage and operate the property. The announcement was made Sept. 28, 2026.
Property and Campus Details
Developed in 2015, Richmond Trade Center sits on approximately 119 acres and comprises four cross-dock warehouse buildings and one light industrial building. The campus is located approximately 18 miles south of downtown Richmond, two miles from Interstate 295 and six miles from Interstate 95. Rockpoint said the location provides access to a population base of more than 23 million people within a 200-mile radius. The buildings feature modern specifications, cross-dock layouts and flexible configurations designed to accommodate a broad range of industrial tenants.
Strategic Rationale
"Richmond Trade Center gives us a portfolio of functional, high-quality industrial buildings in an attractive park setting to serve Richmond's growing and diverse tenant base," said Ben Harris, Head of Rockpoint Industrial. "Strategically located on I-95 between Raleigh-Durham and Northern Virginia, Richmond continues to be one of the Southeast's strongest industrial markets benefitting from accelerating investment in advanced manufacturing, data centers, fintech, health-tech, and related sectors."
Jason Chiverton, Senior Managing Director at Rockpoint, framed the acquisition within the firm's broader investment approach. "Our industrial strategy focuses on acquiring high-quality industrial assets in supply-constrained growth markets where we see durable tenant demand and multiple paths to creating value," Chiverton said. "Our acquisition of Richmond Trade Center reinforces the firm's conviction that well-located industrial assets provide attractive long-term investment opportunities."
The transaction expands Rockpoint's existing regional footprint. The firm has invested in more than 18 million square feet of industrial space since 2020, including prior acquisitions in the Richmond, Raleigh-Durham and Charlotte markets. Acquiring an existing, modern campus built in 2015 allows Rockpoint to add scale in the Richmond market while avoiding the development, construction-cost and lease-up risk associated with speculative projects currently entering the pipeline.
Richmond Industrial Market Context
Richmond's industrial market has drawn sustained institutional interest, supported by its position along the Interstate 95 corridor and a lower-cost operating environment relative to larger coastal distribution markets. Industrial vacancy in the Richmond area was reported at 5.2% in the second quarter of 2026, below the market's historical average of 5.5%, with average asking rents reaching $8.22 per square foot, up 7.7% year over year. Separate market data placed vacancy at 5.5% for the same period, with 136,000 square feet of positive net absorption and average asking rents of $8.86 per square foot, up 2.4% quarter over quarter.
Approximately 12.6 million square feet was under construction in the Richmond market as of mid-2026, with roughly 3.9 million square feet of that pipeline characterized as speculative. That level of new supply underscores the competitive advantage of owning existing, well-located buildings with established transportation access and functional layouts. At the national level, U.S. industrial vacancy declined to 6.9% at midyear 2026, and Richmond's reported vacancy measures sit below that national figure.
Institutional capital has continued to flow into larger Class A Richmond-area industrial assets. A four-property Richmond-area portfolio totaling approximately 1.16 million square feet traded for $175 million, or roughly $150.63 per square foot, in the second quarter of 2026, illustrating the pricing environment for comparable product in the market.
About the Firms
Rockpoint Group is a Boston-based real estate private equity firm that employs a fundamental value approach to investing across select product types and markets in the United States. Since 1994, the firm's co-founders and others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm, investing or committing to invest in 523 transactions with a total peak capitalization of approximately $84 billion.
Rockpoint Industrial serves as an operating partner exclusive to Rockpoint for the acquisition, development and operation of industrial facilities in primary and growth markets across the United States. The team works alongside the Rockpoint and Rockhill Management teams on industrial acquisitions and asset management.
Rockhill Management, L.L.C. is a dedicated property services affiliate of Rockpoint that provides property management, project management and related services to commercial and residential properties across select U.S. markets. Since inception, Rockhill Management has provided services to properties representing approximately 63 million square feet.