Commercial fridge maker’s new Chesterfield facility sells to JLL-linked landlord for $70M
Dover Food Retail cut the ribbon on a new 500,000-square-foot warehouse earlier this month. (Courtesy Chesterfield County)
Last week a ribbon-cutting ceremony was held for Dover Food Retail’s sizable new manufacturing facility in Chesterfield. A day later the building was under new ownership.
The company’s 500,000-square-foot warehouse at 16401 Walthall Industrial Parkway sold on Oct. 21 to LaSalle Investment Management for $70.5 million, according to county records.
The sale came a day after Dover, along with county and state officials, cut the ribbon on the facility.
LaSalle Investment Management is a subsidiary of Jones Lang LaSalle (JLL), the real estate services giant that has long had a local presence. The Dover deal is at least the second LaSalle Investment Management has made in the area this year, joining its nearly $41 million deal in the spring for a Stone Brewing Co.-anchored warehouse near the airport. LaSalle did not respond to a request for comment.
LaSalle bought the building from Axial Industrial, a North Carolina firm that built the warehouse on spec last year after buying the 61-acre site in 2023 for $5.5 million and leasing the newly built facility to Dover. The county most recently assessed the property at $64.9 million.
Dover, which makes commercial refrigeration systems, also has another facility in Chesterfield at 1301 Battery Brooke Parkway that it leases from The Halle Cos., a Maryland firm that bought it for $21 million in 2020. Dover’s headquartered in Georgia and has about 1,100 local workers in the Richmond area.
Axial is a division of Crescent Communities, which co-developed the Novel Scott’s Addition building across from The Diamond and CarMax Park. Axial is also working on a multi-building industrial park in Rockville.
The Dover sale is the third big-ticket industrial deal in the region in recent weeks. Last month a SanMar warehouse in Ashland sold for $128 million. Then last week, Eastport Industrial Park near Richmond International Airport sold for $142 million, making it the largest local real estate deal so far this year.
