Funds controlled by Tampa-based Loci Capital are breaking ground on a new industrial project in Richmond, Virginia, underscoring the firm’s continued deployment of capital through selective, research-driven development decisions.
Loci has acquired a 23-acre site in West Richmond in partnership with Summit Real Estate Group and plans to deliver the 221,000-square-foot West Creek Commerce Center in 2026.
The project will rise inside West Creek Business Park, a supply-constrained industrial corridor along Richmond’s western beltway, with direct access to State Route 288, an interstate-quality limited-access highway connecting I-95 and I-64.
Why this site matters
The site sits near the Short Pump retail node and within one of the region’s strongest residential and employment growth areas, a combination that supports industrial demand without relying on aggressive rent assumptions.
West Creek is one of the few remaining infill locations in West Richmond capable of supporting modern industrial development at an institutional scale, according to the partners.
READ: TAMPA BAY BUSINESS NEWS
That scarcity factored heavily into the acquisition decision.
Plans call for a shallow-bay industrial building designed to accommodate multiple tenants in the 40,000 to 60,000 square-foot range or a single large user.
Construction is underway, with delivery targeted for next year.
“This investment reflects the type of disciplined, research-driven sourcing effort that defines our industrial platform,” said Mike Nauman, who led sourcing and due diligence for Loci. “We spent more than a year evaluating shallow bay industrial opportunities across multiple markets, and Richmond consistently stood out for its combination of durable demand, limited supply and institutional liquidity.”
Why Loci likes Richmond
Loci executives said the Richmond industrial market continues to offer fundamentals that align with the firm’s margin of safety underwriting approach, including sub 5% vacancy, steady tenant demand and growing institutional investor participation.
The firm said the project is structured to benefit from those conditions without assuming aggressive rent growth or favorable shifts in capital markets, a posture that reflects how Loci evaluates downside risk.
Summit sourced the site off-market after a multi-year evaluation of the Richmond industrial landscape, securing what the firm described as one of the few remaining institutional quality sites capable of supporting modern industrial product in West Richmond.
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“The West Creek site checks every box we look for in ground-up industrial development,” said Dave Workman, head of industrial investing and asset management at Loci.
“It is one of the few remaining institutional quality sites in West Richmond that can support modern industrial product at scale. Combined with Summit’s execution capabilities and the project’s cost certainty at closing, this development aligns squarely with our focus on downside protection.”
The deal illustrates how local real estate capital continues to move across Southeastern markets, with greater emphasis on site selection, execution certainty and underwriting discipline.
Projects advancing into 2026, at least for firms like Loci, are those where access, infrastructure and cost certainty are already in place.
