A bird’s-eye view of the site in Northlake Business Park slated for Trinity Capital’s project. (Image courtesy Trinity Capital Advisors)
With one industrial project already in the works in Goochland, a North Carolina-based developer is also making moves in Hanover County.
More industrial space is in store for Hanover’s.
Trinity Capital Advisors last month paid $6.2 million for a nearly 15-acre property in Northlake Business Park, where its plans a multi-tenant project with two industrial buildings, one spanning roughly 123,000 square feet and the other 108,000.
Trinity Capital partner Jordan Quinn described the buildings as being “very modern, to industrial speculative standards,” with multiple storefronts for different-sized companies. He said Trinity sees the warehouse space as being able to accommodate businesses across different industries.
“That wide array of design and meeting the functionality hopefully casts a very wide net of companies looking for space,” he said.
Quinn said Trinity Capital was interested in pursuing a project in Hanover as it is “one of the largest sub-markets in all of Richmond.”
“You have great connectivity to labor, and I-95, and other great companies that have established a presence in that part of town,” he said. “You can make your way north, you can make your way into Richmond, you can make your way out to the (Port of Virginia), so all those drivers were a big reason why we were looking so hard in this part of town.”
Per the Hanover County planning portal, a conditional use permit for the Trinity project was approved in August. At the time, the property was still owned by Lutron Electronics, a lighting and window shading control system, which has a manufacturing facility near the project site.
Lutron had previously purchased the 15-acre tract on the south line of Northlake Park Drive in 2023, but the site seemingly remained vacant. The sale to Trinity Capital closed on Sept. 26, county property records show.
The site is zoned for light industrial use and is located within the business park. The site is adjacent to RV supply store Camping World RV Parts & Accessories. The land was most recently assessed by the county at roughly $1.76 million.
Construction on the project is tentatively scheduled to begin next summer and be completed by the third quarter of 2028.
This isn’t Trinity Capital Advisors’ first foray into the region. The company, which primarily works in the Southeast, is also gearing up for a multi-building industrial development in West Creek Business Park in Goochland County to be called Trinity Logistics Center.
That project is to include three warehouses ranging from 104,000 to 236,000 square feet, for a total of 554,000 square feet.
The project was endorsed by Goochland planning commissioners earlier this year, and as is typical with a conceptual master plan process, did not require county supervisors’ approval.
The plan of development for Trinity Logistics Center is still under review with the county, per its planning portal.
Trinity Capital Advisors has not yet purchased on the land for the West Creek project. Quinn estimated that a sale would finalize in November. West Creek Associates, an entity tied to West Creek owners The Pruitt Cos. and Riverstone Group, owns the four parcels that make up the project site.
Quinn said construction is targeted to begin shortly following the closing, and that buildout would be completed in the third or fourth quarter of 2027.
With the West Creek buildings planned to be slightly bigger than those slated for the Northlake project, Quinn said the West Creek project may have more of a focus on regional distributors and companies.
“Maybe some regional distribution (at West Creek) on top of what we can offer at Northlake,” Quinn said. “To find this opportunity (in Hanover) in a different submarket but still has a lot of great synergy to our West Creek site and development, we feel very fortunate.”
Minneapolis-headquartered Mortenson Properties is the general contractor for the Northlake project, while Midlothian-based Townes Site Engineering is the civil engineer. Henrico’s Range Commercial Partners has been tapped to lead leasing efforts for the project.
Quinn said final project costs are unclear at this time.
He added that Trinity is looking at other areas where the company could expand its holdings in Hanover and the greater Richmond region.
Also in Hanover, developer Rogers-Chenault is planning a 210-unit project next to Hanover airport called Stillwater Village. And the Hanover Board of Supervisors voted 4-3 in May to deny a request by Denver-based company Tract to rezone nearly 430 acres for a data center development at Mountain and Winns Church roads.
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