Hourigan Development to redevelop warehouse site in South Richmond
Commercial real estate development firm Hourigan Development has closed on the purchase of an Alleghany Warehouse Co. property in South Richmond for $8.5 million. Located at 3021 Commerce Road, the asset had been used primarily by tobacco company Philip Morris USA. The existing 2.3 million square feet of warehouse space was built for a single purpose user, and lacks adequate parking and truck courts, so Hourigan plans to raze the buildings, replacing them with approximately 1.5 million square feet of built-to-order, high-bay space. The buyer also plans to rebrand the property as Deepwater Industrial Park. Hourigan is partnering on the development with construction and development firm Stewart Companies of York, Pa. Commercial real estate brokerage CBRE Richmond will handle the leasing.
