Wedoany.com Report-Dec.27, Matan Companies has completed a fully binding lease agreement for the final phase of the Northlake II industrial park in Ashland, Virginia. DPR Construction will occupy the entire 203,000 square foot building. The announcement was released on December 24, 2025.

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. 

This transaction completes the four-building Class A project, which totals 548,000 square feet. The development is located about 15 miles north of Richmond and provides excellent access to Interstate 95, the main north-south corridor on the East Coast.

Phase I, consisting of buildings A, B, and C with a combined 345,000 square feet, was delivered and fully leased in early 2024. The tenants include Ferguson Enterprises, Chadwell Supply, Envoy Solutions, and Haskell Hardware.

The strategic location in Hanover County supports efficient logistics, manufacturing, and distribution operations across the region. Construction on the final building, known as Building D, began in summer 2025 and is expected to conclude by late spring 2026.

JP Matan, Principal at Matan Companies, stated: “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.”

DPR Construction, established in 1990 and headquartered in Redwood City, California, specializes in delivering innovative solutions for commercial, healthcare, higher education, technology, and life sciences sectors. The company reports annual revenue exceeding $9 billion and employs more than 10,000 people. It has completed significant projects nationwide, such as hospitals, data centers, and corporate headquarters. The new facility in Northlake II will expand DPR's operations on the East Coast.

Zach Jung, Managing Director at Matan Companies, commented: “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 totaling 210,000 square feet with ample trailer parking and IOS.”

JLL professionals Gareth Jones, Chris Avellana, and Charlie Polk represented Matan Companies in the leasing process. DPR Construction received representation from Savills and CBRE.

The full leasing of Northlake II demonstrates continued demand for premium industrial space in the Greater Richmond area. This project contributes to regional economic activity by providing modern facilities tailored to tenant requirements.