Key Takeaways
- • A Morgan Stanley Real Estate Investing-managed fund acquired Capitol 95, a nearly 1 million-square-foot warehouse at 211 Centreport Parkway in Fredericksburg, Virginia, for $172.1 million, according to JLL Capital Markets, which announced the deal on October 27, 2026.
- • JLL represented seller Flint Development, which developed the 934,523-square-foot facility, completed earlier in 2026, before selling it to the fund.
- • The warehouse is fully leased to J.E. Richards, a contractor providing critical power systems for data centers, with more than 10 years remaining on the lease.
- • The asset reflects demand for industrial space tied to Northern Virginia's data center expansion, with multiple offers received before the lease commenced, per JLL.
Summary
A Virginia warehouse built to serve the data center industry changed hands in a $172.1 million transaction, according to JLL Capital Markets, the real estate firm that arranged the sale and announced it on Tuesday, October 27, 2026. An investment fund managed by Morgan Stanley Real Estate Investing acquired the property, known as Capitol 95, located at 211 Centreport Parkway in Fredericksburg, Virginia.
The nearly 1 million-square-foot facility, totaling 934,523 square feet, was developed by Flint Development, which sold it to the Morgan Stanley-managed fund. JLL represented Flint Development in the transaction. The sale price is notable given the property was completed only earlier in 2026, according to the report. Situated on approximately 120 acres, the warehouse features 158 loading dock doors, four drive-in doors, a 40-foot interior clearance, and extensive parking and storage areas for trucks and trailers, per JLL.
The building is fully leased to J.E. Richards, a contractor that provides critical power systems for data centers, under a lease with more than 10 years remaining. JLL said that tenant relationship, along with the property's size and location, drew considerable investor interest, including multiple offers made before the lease began. The site's proximity to data center operations in the Dulles, Stafford County, and Richmond markets gives it access to businesses that rely on distribution of specialized electrical equipment.
Devin Schuster, founder and managing partner of Flint Development, said the sale "demonstrates the strength of Virginia's I-95 industrial market" and noted that more than 500 jobs are expected at the facility. JLL senior managing director Bill Prutting, who helped lead the transaction, said "the explosive growth in data center infrastructure across Northern Virginia is creating tremendous demand for the scarce supply of adjacent industrial space."
The nearly 1 million-square-foot facility, totaling 934,523 square feet, was developed by Flint Development, which sold it to the Morgan Stanley-managed fund. JLL represented Flint Development in the transaction. The sale price is notable given the property was completed only earlier in 2026, according to the report. Situated on approximately 120 acres, the warehouse features 158 loading dock doors, four drive-in doors, a 40-foot interior clearance, and extensive parking and storage areas for trucks and trailers, per JLL.
The building is fully leased to J.E. Richards, a contractor that provides critical power systems for data centers, under a lease with more than 10 years remaining. JLL said that tenant relationship, along with the property's size and location, drew considerable investor interest, including multiple offers made before the lease began. The site's proximity to data center operations in the Dulles, Stafford County, and Richmond markets gives it access to businesses that rely on distribution of specialized electrical equipment.
Devin Schuster, founder and managing partner of Flint Development, said the sale "demonstrates the strength of Virginia's I-95 industrial market" and noted that more than 500 jobs are expected at the facility. JLL senior managing director Bill Prutting, who helped lead the transaction, said "the explosive growth in data center infrastructure across Northern Virginia is creating tremendous demand for the scarce supply of adjacent industrial space."
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