Virginia’s Gateway Region is Home to the Largest Spec Site Development in Virginia
Construction for the 650,250 square-foot industrial facility in Prince George County’s Southpoint Business Park shows confidence in market
February 18, 2021
PRINCE GEORGE, Va., February 18th 2021 — The Hollingsworth Companies have pre-graded the site and are starting construction of a 650,250 square-foot speculative building in Southpoint Business Park located in Prince George County. This will be the 12th and largest facility developed by The Hollingsworth Companies in Southpoint, which has provided the community with facilities supporting hundreds of jobs and millions of dollars in investments.
With this new facility, Southpoint Business Park will have 1,600,000 square feet of industrial space suitable for high-growth manufacturing and distribution companies located along I-295, only minutes from I-85 and I-95. The spec building will be a concrete tilt-wall comprising 40 feet in clear height, 60- by 60-feet column spacing, 142 dock doors and 177 trailer drops.
While there are “build-to-suit” projects in Virginia exceeding 1,000,000 square feet, this will be the largest speculative building in the market. Speculative buildings are developed to provide immediate occupancy and lure large site-selection projects. Since the building will be completed with up-fits, target clients can take occupancy in less than 60 days, compared to build-to-suit projects which can take up to two years for land acquisition, site work and building construction.
“We are extremely excited about the construction of this new, speculative development in Southpoint Business Park. Buildings of this caliber will attract industrial prospects quickly, and are of immediate support to the local and regional economy ultimately increasing prosperity,” explains Keith Boswell, President and CEO of Virginia’s Gateway Region Economic Development Organization (VGR). “This latest Hollingsworth building of 650,250 square feet in Prince George County will result in a company that will create additional jobs and investment, an increased tax base and will boost the region’s prosperity, while giving us another tool to help us in our continuing efforts to diversify our economy and to assist anyone in the Gateway Region who wants a job, can get one.”
“We appreciate Hollingsworth responding to the demand for industrial facilities needed for the expansion of our community now and over the horizon,” Boswell concluded.
Joe Hollingsworth, CEO of The Hollingsworth Companies, stated: “In spite of the economic pressure of COVID-19, we are very bullish on the Richmond metropolitan statistical area, and specifically the Gateway Region and Prince George County markets. We’ve successfully grown our business on the belief that American manufacturing will continue to prosper, and the Southeastern United States will lead this growth.” He went on to say: “I would like to thank the community for being willing to invest the time, effort and money into being a true partner in making this park successful. It is my belief that the next eight years will be the best economic period of our lives,” Hollingsworth said.
About The Hollingsworth Companies
The Hollingsworth Companies is the largest non-urban industrial real estate developer and construction firm in the Southeastern United States with 125 tenants and 18 million square feet of industrial space spread across 17 states. The Hollingsworth Companies has facilities located in Alabama, Georgia, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. For more information about The Hollingsworth Companies, contact Tom Mann, Senior Vice President of Industrial Real Estate by phone or email.
About Virginia’s Gateway Region
Virginia’s Gateway Region is the regional economic development organization that markets the cities of Colonial Heights, Hopewell and Petersburg, and the counties of Dinwiddie, Prince George, Surry and Sussex. VGR focuses its efforts on new and existing business investment and job creation.