Core Development Group Acquires 40 Acre Industrial Property In Richmond For $10.2M

The asset involved in the transaction is a Class A flex industrial property located at 8555 Magellan Parkway in Richmond, Virginia. The property spans 59,832 square feet on a 40-acre site and was sold for $10,200,000, equating to a price per square foot of $170. The building is fully leased and is situated within the Windsor Business Park, which is conveniently located near I-95 and I-295.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $10,200,000
• Sale Date: 10/31/2025
• Address: 8555 Magellan Parkway
• Market: Richmond, VA
• Asset Size: 59,832 SF
• Price Per SF: $170
• Seller: Fernau LeBlanc
• Buyer: Core Development Group
• Brokers: Eric Robison & Bo McKown - Cushman & Wakefield

Core Development Group acquired the property, which was sold by Fernau LeBlanc. The transaction was facilitated by brokers Eric Robison and Bo McKown from Cushman & Wakefield, who represented the sellers in this deal.