Key Takeaways
- • Rockpoint, a Boston-based real estate private equity firm, acquired the Richmond Trade Center industrial campus in Chesterfield County for $108 million on September 25, 2026, purchasing the asset from Lex Chester LLC, an entity connected to LXP Industrial Trust.
- • The 119-acre property comprises five buildings totaling 1.03 million square feet, including four cross-dock warehouses and one light industrial facility located in Meadowville Technology Park, originally built in 2015 for Philip Morris USA tobacco storage operations.
- • Rockpoint's acquisition continues its regional industrial real estate expansion strategy, following the $142 million purchase of Eastport Industrial Park in Henrico County the prior year, with Cushman & Wakefield | Thalhimer serving as transaction advisor and Rockhill Management providing property management services.
- • The transaction's strategic intent remains unclear, as Philip Morris USA's ongoing tenancy status and Rockpoint's development or repositioning plans for the industrial-zoned asset were not disclosed at announcement.
Summary
Rockpoint, a Boston-based real estate private equity firm, completed the acquisition of Richmond Trade Center, a five-building industrial campus in Chesterfield County, Virginia, for $108 million on September 25, 2026. The property was purchased from Lex Chester LLC, an entity affiliated with LXP Industrial Trust (formerly Lexington Realty Trust), according to county property records disclosed September 30.
The 119-acre asset is situated at 2601 and 2701 Bermuda Hundred Road within Meadowville Technology Park and comprises four cross-dock warehouses and one light industrial building totaling 1.03 million square feet. The facilities were originally developed in 2015 and have historically served as storage infrastructure for Philip Morris USA, a subsidiary of Altria Group headquartered in Henrico County.
Rockpoint's acquisition marks a continued capital deployment in the Richmond metropolitan industrial market. The firm purchased Eastport Industrial Park, an eight-building, 92-acre facility in eastern Henrico County, for $142 million in 2025, establishing a pattern of significant industrial portfolio accumulation in the region. Cushman & Wakefield | Thalhimer's Capital Markets Group and Industrial Advisory Group represented Rockpoint in the current transaction, while Rockhill Management, Rockpoint's property services subsidiary, has been designated as the managing agent for Richmond Trade Center.
At the time of announcement, neither Rockpoint nor Altria Group responded to inquiries regarding the current tenancy status of the facility or the firm's strategic plans for the asset, leaving questions about whether Philip Morris USA maintains its lease and the intended use or repositioning strategy for the campus unresolved.
The 119-acre asset is situated at 2601 and 2701 Bermuda Hundred Road within Meadowville Technology Park and comprises four cross-dock warehouses and one light industrial building totaling 1.03 million square feet. The facilities were originally developed in 2015 and have historically served as storage infrastructure for Philip Morris USA, a subsidiary of Altria Group headquartered in Henrico County.
Rockpoint's acquisition marks a continued capital deployment in the Richmond metropolitan industrial market. The firm purchased Eastport Industrial Park, an eight-building, 92-acre facility in eastern Henrico County, for $142 million in 2025, establishing a pattern of significant industrial portfolio accumulation in the region. Cushman & Wakefield | Thalhimer's Capital Markets Group and Industrial Advisory Group represented Rockpoint in the current transaction, while Rockhill Management, Rockpoint's property services subsidiary, has been designated as the managing agent for Richmond Trade Center.
At the time of announcement, neither Rockpoint nor Altria Group responded to inquiries regarding the current tenancy status of the facility or the firm's strategic plans for the asset, leaving questions about whether Philip Morris USA maintains its lease and the intended use or repositioning strategy for the campus unresolved.
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