Crescent Communities Closes Sale of AXIAL Gateway 95
RICHMOND, Virginia – (Oct. 29, 2025) – Crescent Communities, a nationally recognized market-leading real estate investor, developer, and operator of industrial and mixed-use communities, today announced the sale of AXIAL Gateway 95, a modern industrial facility located in Chesterfield County, Virginia, to LaSalle Investment Management. Crescent Communities was advised by JLL Capital Markets on the disposition. The asset is fully leased to Hillphoenix, a subsidiary of Dover Food Retail and a leading manufacturer of commercial refrigeration systems. Crescent’s AXIAL portfolio now includes multiple projects in the region, including AXIAL Rockville 64 in Goochland County, a two-building, 335,000-square-foot development designed to meet demand for flexible logistics and light manufacturing space.
Hillphoenix’s investment is expected to add more than 320 new jobs to the region, supported by a $900,000 grant from the Commonwealth’s Opportunity Fund, as well as local performance grants and incentives through the Virginia Jobs Investment Program. The project was celebrated with a ribbon-cutting ceremony earlier this fall attended by Governor Glenn Youngkin, local officials, and company executives, underscoring the significance of the facility as both a logistical hub and a job creator for Central Virginia. The sale of AXIAL Gateway 95 reflects Crescent’s growing investment and confidence in the Richmond industrial market, which continues to experience strong demand from national manufacturers and distributors.
Spanning more than 500,000 square feet, AXIAL Gateway 95 represents Crescent Communities’ ability to deliver high-performance industrial facilities that anticipate and meet the evolving needs of today’s logistics and manufacturing users. Designed with flexibility and efficiency at its core, the property reflects the firm’s focus on developing thoughtfully located, future-oriented assets that create value for tenants, investors, and local communities alike.
Strategically located at 16401 Walthall Industrial Parkway in Chesterfield County, AXIAL Gateway 95 offers immediate access to I-95 and the greater Richmond logistics corridor. The property’s prime location provides connectivity to major population centers along the East Coast and proximity to the Port of Virginia, supporting efficient regional and national distribution.
“AXIAL Gateway 95 exemplifies how Crescent continues to execute on its vision for the AXIAL platform, creating industrial environments that help businesses thrive while strengthening regional economies,” said Brendan Pierce, President of Commercial at Crescent Communities. “We are proud to see this project reach full stabilization and sale, reinforcing both the resilience of the Richmond industrial market and the quality of our developments across the Southeast.”
Financial partners for AXIAL Gateway 95 include Kyuden Urban Development America, LLC, the US subsidiary of Kyushu Electric Power Co., Inc. (equity) and Santander Bank (lender). Other partners include DMA Architecture (architect), Timmons Group (civil engineer), KBD Group (general contractor), and JLL (leasing & capital markets).
The Crescent Communities team has extensive experience in executing AXIAL Industrial projects, encompassing more than $921 million. Its portfolio features 65 industrial projects, with nearly 14.5 million square feet of completed projects and 3 million square feet of projects in development or operation. Among its recent milestones are the groundbreaking of AXIAL Rockville 64 in Goochland, Virginia, a two-building, 335,000-square-foot development with flexible configurations for logistics and light manufacturing, and including AXIAL Rapid Commerce in Charlotte, there have been several new completions in the Carolinas: AXIAL Bonds Farm in Concord, and a build-to-suit facility for Structural Building Solutions in Archdale.
Photos of AXIAL Gateway 95 are linked here.
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About Crescent Communities:
Crescent Communities is a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use "communities." We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 96 multifamily communities and 25 million square feet of commercial space. Crescent Communities has offices in Charlotte, D.C., Atlanta, Orlando, Nashville, Dallas, Denver, and Phoenix. Our multifamily communities are branded NOVEL, RENDER, and HARMON by Crescent Communities, our industrial developments are branded AXIAL by Crescent Communities, and our life science developments are branded THE YIELD by Crescent Communities.
