Matan Companies has finalised a fully binding lease for the last phase of the Northlake II industrial park in Ashland, Virginia, with DPR Construction set to occupy the entire 203,000ft2 building.
This deal finalises the four-building, 548,000ft2 Class A project, situated about 15 miles north of Richmond with prime access along Interstate 95.
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Phase I of Northlake II comprised buildings A, B, and C, totalling 345,000ft2, which were delivered and leased in early 2024 to Ferguson Enterprises, Chadwell Supply, Envoy Solutions, and Haskell Hardware.
The park’s placement offers direct access to the East Coast’s main north–south corridor, enabling logistics, manufacturing, and distribution activity across Hanover County.
Work on building D, the concluding phase of the project, kicked off in summer 2025 and is scheduled to wrap up by late spring 2026.
Matan Companies principal JP Matan said: “This milestone achievement for Northlake II highlights the enduring strength of the Richmond industrial market and our commitment to developing spaces that meet the evolving demands of forward-thinking tenants like DPR Construction. We’re thrilled to welcome DPR to our portfolio and look forward to supporting their growth along the I-95 corridor.”
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By GlobalDataEstablished in 1990 and based in Redwood City, California, DPR Construction provides innovative building solutions across the commercial, healthcare, higher education, technology, and life sciences markets.
With annual revenue surpassing $9bn and a team of more than 10,000 employees, the company has delivered notable projects nationwide, including hospitals, data centres, and corporate headquarters.
The new Northlake II facility will further strengthen DPR’s footprint on the East Coast.
Matan Companies managing director Zach Jung said: “Our expansion into Richmond is a natural extension of our regional development strategy. With Northlake II fully leased, we will kick off Northlake III this spring, a single building totalling 210,000 square feet with ample trailer parking and IOS.”
The leasing transaction saw JLL’s Gareth Jones, Chris Avellana, and Charlie Polk representing Matan Companies at Northlake II, while Savills and CBRE represented DPR Construction.
