PNK Group to Invest $80 million in Greater Richmond

Engineering and manufacturing company PNK Group will build an industrial building with more than 800,000 square feet of space

NEW YORK, Nov. 22, 2024 /PRNewswire/ -- PNK Group, developer of a new generation of industrial buildings, will soon start construction of an 846,260 square-foot building on an 86.6 acres site acquired in October 2024 in Chesterfield County, Colonial Heights, Virginia. The approximately $80 million project is a modern insulated industrial building with many features and benefits that allow it to be used for either production or distribution.

According to PNK Group's statement, the company considers entering the Virginia market as a strategic move and a solution to one of its priorities. The location for the building was not chosen by chance. Ashton Industrial Park in Colonial Heights is part of the Greater Richmond metropolitan area, and the latter is among the five cities in the Southeast U.S. with the least amount of vacant Class A industrial space.

High tenant demand is attributed to the city's prime location. Located south of Washington DC, Richmond connects the U.S. capital with the port of Norfolk. This attracts manufacturers and logistics companies, which have turned the agglomeration into one of the regional leaders.

Since 2021 Nestle Purnia, LEGO Manufacturing, Federal Express, Mondelez International, Starplast USA, Grenova and many others have invested in expanding their own facilities and warehouse space here. According to Colliers, over the past five years, the average rate of investment and job growth from new or expanding companies in Richmond is 60% and 50%, respectively.

The new building will be the first in Virginia to be constructed using PNK technology. The method is based on the use of pre-fabricated elements, which makes construction easier and faster than the market average, and increases the reliability and quality of work.

PNK intends to use a high-precision steel structural frames of its own production in the new building. This will make it possible to abandon standard welded connections in favor of bolted ones. All products will be sourced from its Pennsylvania and Georgia plants.

As an engineering and manufacturing pioneer, PNK Group spearheads technological advancements in industrial construction. The company's construction methodology, utilizing large-unit blocks, streamlines building assembly through precise element production, minimizing the need for extensive labor and heavy machinery.

Contact Info:
Name: Mark Stiles
Email: [email protected] mailto:[email protected]
Organization: PNK Group
Address: 17 State Street, Suite 3930, New York, NY 10004
Phone: +1 (646) 517 7915
Website: https://pnk.group

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SOURCE PNK Group