Trinity Capital Advisors (“Trinity Capital”), in a joint venture with Mortenson Properties, Inc. has acquired a 15-acre industrial development site in Northlake Business Park in Hanover County, marking their entry into the Richmond market.

The planned development will feature two rear-load industrial buildings totaling 231,120 square feet—one totaling 123,133 square feet and the other 107,987 square feet. Designed to accommodate a broad range of prospective users, the project will provide modern, highly functional space in one of Richmond’s most established and supply-constrained submarkets. Construction is expected to begin in summer 2027, with delivery anticipated in the third quarter of 2028.

Mortenson will serve as the project’s general contractor. Townes Site Engineering is providing civil engineering services, and Range Commercial has been retained to lead leasing efforts.

“Richmond has been a priority market for Trinity Capital given its location along the I-95 corridor, strong population and business growth, proximity to the Port of Virginia and consistently healthy leasing fundamentals,” said Jordan Quinn, Partner at Trinity Capital. “This project gives us an incredible opportunity to enter the market in a proven industrial location with a product type we know well and believe will continue to see strong demand.”

Richmond’s location at the intersection of Interstate 95 and 64, with convenient access to Interstate 85, provides strong regional connectivity. Its proximity to the Port of Virginia, the third-largest port on the East Coast, further enhances the market’s appeal to industrial users. From Richmond, trucks can reach approximately 55% of the nation’s consumers within one day.

“We’ve been disciplined about finding the right opportunity to enter Richmond, and we believe Northlake is exactly that,” said Jeff Sheehan, Managing Partner at Trinity Capital. “It is a proven industrial location with exceptional access, very limited vacancy and a diverse tenant base. We believe these buildings will fill an important need in the market, and we see this investment as the beginning of a broader commitment to Richmond. We’re excited to get started and to expand our relationship with Mortenson through our third partnership together.”

Northlake Business Park is located within the I-95 North/Hanover submarket, one of the Richmond market’s largest and most established industrial areas. The Northlake area encompasses approximately 6.8 million square feet, is currently 99% leased and is home to major tenants including Amazon, Ferguson, Owens & Minor, Pitney Bowes, Chadwell Supply and Anixter.

“We are thrilled to be expanding our national portfolio and entering Richmond, a market where we see strong long-term opportunity for both Mortenson Properties and our partnership with Trinity Capital,” said Tyler Kollodge, Director of Investments for Mortenson Properties. “The site offers all the attributes sought by today’s modern industrial users and will provide a foundation for us to grow in one of the most fundamentally sound industrial markets in the country.”

The broader Richmond industrial market continues to demonstrate strong fundamentals. Overall vacancy has remained at or below 5% since 2018 and currently stands at approximately 3.9%. Industrial leasing activity reached 3.7 million square feet in 2025, leaving less than 12 months of available supply at the current leasing pace.

The project expands Trinity Capital’s growing industrial platform across the Southeast and Mid-Atlantic. Over the past 36 months, the firm has developed or commenced development of more than 10.5 million square feet of industrial space. Trinity Capital currently has 13.5 million square feet in various stages of development and has delivered or begun construction on 27 buildings over the past five years.