Manulife buys 10-acre Richmond IOS yard with 173,800 SF

Manulife Investment Management bought a Chesterfield County industrial asset anchored by 173,800 square feet of Class A warehouse space and a newly delivered 10-acre IOS yard. Phoenix also saw a $14.9 million industrial sale with secured outdoor storage, while a Wisconsin trucking and service property is newly circulating with 8.55 acres and heavy-duty yard functionality.

🔥 The Headliner: Manulife takes down Richmond-area IOS component

Manulife Investment Management acquired Ashton Creek Distribution Center, a Chesterfield County industrial asset pairing a 173,800-square-foot Class A warehouse with an adjacent 10-acre IOS yard. The yard was built for MEI Industrial Solutions after Lingerfelt expanded the tenant relationship, giving the buyer a stabilized industrial asset with a purpose-built outdoor storage component tied to data-center service demand.

**Purchase Price:** Undisclosed
**Property:** Ashton Creek Distribution Center, Chesterfield County, Virginia
**Site:** 10-acre IOS yard | 173,800 SF Class A industrial warehouse
**Seller:** Lingerfelt
**Buyer Lead:** Not yet disclosed
**Seller Lead:** Brian Witthoefft, President, Lingerfelt
**Broker / Deal Team:** Newmark Industrial Capital Markets represented Lingerfelt. Specific broker names were not yet disclosed. Range Commercial Partners served as property management partner, and JLL served as leasing and marketing partner.

The asset features 32-foot clear heights, ESFR sprinklering, modern dock and truck court configurations, and the adjacent IOS lay-down yard. Lingerfelt delivered the original warehouse in early 2024, then acquired, constructed, and delivered the IOS yard in late 2025 for MEI Industrial Solutions.

🔥 Other Deals That Closed (May 22-May 25)

DEAL #2: Phoenix, AZ

Baron Properties paid $14.9 million for the industrial property at 3446 and 3466 S. 7th St. in Phoenix. The location sits roughly 3 miles from Phoenix Sky Harbor International Airport and includes secured outdoor storage that supports distribution, warehouse, loading, and fleet-adjacent operations.

**Property:** 3446 and 3466 S. 7th St., Phoenix, AZ
**Site:** Approximately 0.25 acres of secured outdoor storage disclosed
**Improvements:** 44,314 SF currently available for lease
**Price:** $14.9 million
**Key Features:** Airport proximity, I-17 access, distribution and warehousing layouts, loading and storage functionality, secured outdoor storage
**Buyer Lead:** Not yet disclosed, Baron Properties
**Broker / Deal Team:** Phil Haenel, Will Strong, and Foster Bundy of Cushman & Wakefield represented Baron Properties. Jason Moore and Steve Larsen of JLL represented the seller. Phil Haenel, Foster Bundy, and Justin Smith of Cushman & Wakefield have been retained to lease the property.

📌 Active IOS Listings (Newly Circulating)

Town of Barton, WI: 8.55-acre trucking and service property

**Site:** 8.55 acres | approximately 27,382 SF across three buildings
**Functionality:** Existing trucking-company use, wide-open yard area, fleet parking, trailer staging, equipment storage, and parking for up to 100 vehicles
**Pricing:** Not disclosed in the listing summary
**Broker / Deal Team:** BOSS Realty, LLC. Specific agent names were not yet disclosed.

📈 Operating Context

Equipment rental demand is still useful signal for IOS underwriting

Ashtead Group, the parent of Sunbelt Rentals, continues to frame the U.S. rental market around higher rental revenue and network expansion, even as softer U.S. growth and project delays pressure guidance. For IOS owners, that mix points to continued yard demand from equipment-heavy users but less room to underwrite rent growth without tenant-level proof.

**Practical takeaway:** IOS sites serving equipment rental, contractor, data-center service, and logistics users still need strong access and flexible yard geometry to defend pricing.