Loci Capital, Summit Break Ground on Class A Industrial Project in West Richmond
Funds controlled by Loci Capital Group have acquired a development site in West Richmond, Virginia, in partnership with Summit Real Estate Group, and have officially broken ground on West Creek Commerce Center, a 221,000-square-foot Class A industrial project located within the West Creek Business Park.
The development will feature a modern shallow-bay industrial facility designed for flexibility, with layouts capable of supporting multiple tenants in the 40,000- to 60,000-square-foot range or a single larger user. Construction is underway, with delivery targeted for 2026.
Loci spent more than a year evaluating shallow-bay industrial opportunities across multiple U.S. markets before settling on Richmond, according to the firm. “Richmond consistently stood out for its combination of durable demand, limited supply, and institutional liquidity,” said Mike Nauman, who led sourcing and due diligence for the investment.
The Richmond industrial market has increasingly drawn institutional interest, supported by sub-5% vacancy rates, steady tenant demand, and constrained new supply—factors that have helped position the region as one of the Southeast’s more resilient secondary industrial hubs, the firm said.
Still, Loci emphasized that the investment reflects discipline rather than a wholesale strategy shift. “We do believe the Southeast has durable demographic tailwinds that support industrial demand, but our decision to pursue development is driven less by a “platform expansion” mindset and more by our core investment principle: investing with a secure cost basis,” Casey Wilson, Managing Principal, Loci Capital, told Connect Money.
“We’re seeing returns in industrial development that are outsized relative to the risk profile in certain situations,” he added. “That said, we don’t view this as a permanent expansion of strategy. The market, and the pricing of the market, will dictate how much capital we deploy into industrial development over time.”
Wilson added that deployment will remain opportunistic. “As margins of safety widen, we accelerate. As they narrow, we slow or pause. The goal is consistent discipline through the cycle—not forcing volume.”
Since its founding in 2019, Loci has invested more than $350 million of equity into over $1.4 billion of real estate assets across the Southeastern U.S.
Pictured: Richmond rendering