T
he 190‑acre parcel that houses SanMar’s Richmond distribution hub sold last month for $128 million. The 1.1‑million‑square‑foot warehouse, formerly known as Graymont Industrial Park, was purchased by J & J Hickory Hill, an LLC linked to Lake Washington Partners (LWP), a Seattle‑based real‑estate firm headed by Jordan Lott. Jordan is the brother of SanMar CEO Jeremy Lott and co‑founder of LWP, which has a long history of acquiring properties that SanMar has occupied or will occupy.
LWP’s acquisition is not the first time the firm has bought a SanMar‑related site. Jordan Lott, who sits on SanMar’s advisory board, noted that LWP has previously purchased buildings that SanMar leased or developed for future use. The new owner plans to rename the complex Hickory Hill Industrial Park.
The seller was an LLC connected to Becknell Industrial, an Indiana company that built the $50 million warehouse after Lowe’s withdrew from the project. Becknell bought the land in 2021 for about $4.7 million from a partnership involving Raith Capital Partners and Equity Industrial Partners. Construction finished in 2022 after a half‑year delay caused by a county stop‑work order over premature land disturbance.
In 2023, SanMar announced it would convert the entire building into its primary East Coast distribution center, committing at least $50 million to upgrades and creating roughly 1,000 jobs. Hanover County assessed the property at over $77 million this year, up from just under $74 million when SanMar moved in two years ago. SanMar employs more than 5,000 U.S. workers and sells apparel from over 30 brands, producing T‑shirts and wholesale imprintable clothing.
This purchase marks LWP’s first Virginia acquisition. The firm’s portfolio spans 38 properties totaling 11 million square feet across 10 states, mostly in Washington. LWP focuses on office, industrial, distribution, and multifamily assets. Jordan Lott highlighted the site’s strategic East Coast location and potential for expansion. The property sits north of Hickory Hill Road, west of I‑95, just north of Ashland, and includes the former Camptown Races horse‑racing track. While the current building is expandable and the land could accommodate additional structures, LWP has no immediate development plans.
The $128 million price is comparable to the sale of a nearby Lowe’s distribution center two years ago. That 110‑acre, 1.2‑million‑square‑foot facility, developed by Richmond‑based Hourigan, sold for $127 million in 2023 to Realty Income Corp. The region’s industrial market remains active, with recent deals such as Lingerfelt’s $31 million sale of a 188,000‑square‑foot warehouse in Chesterfield’s Meadowville Technology Park, Port 801’s $35 million sale of a 240,000‑square‑foot distribution center to LBA Logistics, and PNK Group’s construction of an 846,000‑square‑foot facility after buying an 86‑acre site for $12 million. Ares Management Corp. also purchased 619,000 square feet of warehouse space in eastern Henrico for nearly $67 million last year.
