Matan Companies Fully Leases Final Building at Northlake II in Ashland, VA with 203,000 SF Lease to DPR Construction

18 December 2025

Matan Companies, a leading Mid-Atlantic industrial developer, announced today that it has secured a full-building lease for the final phase of its Northlake II industrial park. The 203,000-square-foot building has been leased to DPR Construction, a top-tier general contractor renowned for delivering innovative construction solutions across commercial, healthcare, higher education, technology, and life sciences sectors.

Northlake II, located in Ashland, Virginia, approximately 15 miles north of Richmond, is a premier Class A industrial development spanning four buildings and totaling 548,000 square feet. Phase I (Buildings A, B, and C), totaling 345,000 square feet, was delivered and leased in early 2024 to tenants including Ferguson Enterprises, Chadwell Supply, Envoy Solutions, and Haskell Hardware. The strategic positioning along Interstate 95 provides connectivity to the East Coast's primary north-south corridor, ideal for logistics, manufacturing, and distribution operations in Hanover County's thriving market.

Construction on Building D commenced in summer 2025, with completion targeted for late spring 2026. This lease underscores the robust demand for high-quality industrial space in Greater Richmond, where vacancy rates remain low and absorption continues to outpace new supply.

"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," said JP Matan, Principal at Matan Companies. "We're thrilled to welcome DPR to our portfolio and look forward to supporting their growth along the I-95 corridor."

DPR Construction, founded in 1990 and headquartered in Redwood City, California, brings its expertise in sustainable and technology-driven projects to Virginia. With annual revenues exceeding $9 billion and a workforce of over 10,000, DPR has completed landmark builds nationwide, including hospitals, data centers, and corporate campuses. This new facility will enhance DPR's East Coast presence. 

“Our expansion into Richmond is a natural extension of our regional development strategy,” added Zach Jung, Managing Director, Matan Companies. “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’s Gareth Jones, Chris Avellana, and Charlie Polk represented Matan at Northlake II, and DPR was represented by Savills and CBRE on this deal.