TAMPA, Fla., Jan. 08, 2026 (GLOBE NEWSWIRE) -- Funds controlled by Loci Capital Group, LLC (“Loci”), a private real estate investment firm focused on the Southeastern United States, have acquired a development site in West Richmond, Virginia, in partnership with Summit Real Estate Group (“Summit”). The partnership is immediately breaking ground to construct West Creek Commerce Center, a 221,000-square-foot Class A industrial facility located in the highly successful West Creek Business Park.
The project is located on approximately 23 acres along the western beltway of Richmond, offering immediate access to State Route 288, an interstate-quality limited-access highway which connects I-95 to I-64. The site sits within one of Richmond’s most supply-constrained industrial corridors, adjacent to the Short Pump retail node and surrounded by some of the region’s strongest residential and employment growth.
The planned development will consist of a modern shallow-bay industrial building designed to accommodate a range of tenant configurations, including multiple users in the 40,000- to 60,000-square-foot range or a larger single-tenant occupancy. Construction will commence immediately, with delivery targeted for 2026.
“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 on behalf of Loci Capital for the investment. “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. West Creek, in particular, offers best-in-market access and infrastructure that we believe will differentiate the asset throughout lease-up and over the long term.”
Loci is partnering with Summit Real Estate Group, an experienced industrial developer with a multi-decade track record across U.S. industrial markets. Summit sourced the site off-market after a disciplined, multi-year evaluation of the Richmond market, ultimately securing one of the few remaining infill sites at an attractive basis.
“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 Capital. “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 and margin-of-safety underwriting.”
The Richmond industrial market has emerged as one of the most resilient and liquid secondary industrial hubs in the Southeast, supported by sub-5% vacancy, continued tenant demand, and growing institutional investor participation. Loci believes the project is well positioned to benefit from these fundamentals without relying on aggressive rent growth or capital markets assumptions.
About Loci Capital
Loci Capital is a private real estate investment firm focused on generating alpha through cost-basis discipline, executable business plans, and an unconstrained, bottom-up sourcing model. Guided by its core investment principle of Margin of Safety, the firm targets situational opportunities where downside protection can be created through hands-on execution rather than thematic market bets. Loci’s domain-specialized team and joint venture partnerships support its barbell strategy across preferred equity, common equity, and co-GP positions, enabling the firm to navigate market cycles while pursuing durable long-term value creation. Since its inception in 2019, Loci has invested more than US $350 million of equity into over $1.4 billion of real estate throughout the Southeastern United States. For more information, visit locicapital.com.
About Summit Real Estate Group
Summit Real Estate Group is a vertically integrated investment, development, and asset management platform specializing in industrial real estate. With a dedicated team of 27 professionals, Summit has extensive expertise in industrial land sourcing, entitlement, design and construction, finance, leasing, asset and property management, and investment sales. Summit was founded in 1995, and is currently developing over 6 million square feet of industrial properties in high-growth markets across the United States.
Contacts
Loci Capital
Casey Wilson, Head of Investor Relations
cwilson@locicapital.com
+1.929.294.9403
