Matan Companies Completes Final Lease at Northlake II
FREDERICK, Md. — Matan Companies, an influential developer in the Mid-Atlantic region, recently reported that it has finalized a full-building lease for the last phase of its Northlake II industrial park. This significant lease, covering 203,000 square feet, has been awarded to DPR Construction, a highly regarded general contractor known for its creativity and expertise across various sectors, including commercial, healthcare, technology, and life sciences.
Highlights of the Northlake II Industrial Park
The Northlake II development stands out as a premier Class A industrial facility comprised of four distinct buildings, totaling an impressive 548,000 square feet. The first phase of this project, which included Buildings A, B, and C, was successfully completed and leased in early 2024. Notable tenants of this initial phase include Ferguson Enterprises, Chadwell Supply, Envoy Solutions, and Haskell Hardware.
This new industrial hub benefits from its strategic location along Interstate 95, providing essential connectivity to the East Coast's primary north-south transportation corridor. Such positioning is ideal for logistics, manufacturing, and distribution endeavors within the bustling market of Hanover County.
Current Developments at Northlake II
Construction for Building D commenced in the summer of 2025, with a target completion date set for late spring 2026. The leasing of this building underscores the growing demand for top-quality industrial space in the Greater Richmond area, where vacancy rates remain low, and absorption rates continue to exceed new supply.
Statements from Company Leadership
JP Matan, Principal at Matan Companies, emphasized the significance of this achievement by stating, "This milestone for Northlake II showcases the robust strength of the industrial market in Richmond and highlights our dedication to developing properties that meet the changing needs of innovative tenants like DPR Construction. We are excited to welcome them into our portfolio and support their growth along the I-95 corridor."
DPR Construction, established in 1990 and headquartered in Redwood City, California, is recognized for its sustainable and tech-oriented projects across the United States. With annual revenues exceeding $9 billion and a workforce of over 10,000 professionals, DPR has significantly contributed to landmark constructions, including hospitals, data centers, and corporate campuses throughout the country. This new facility is expected to further amplify DPR's presence on the East Coast.
Zach Jung, Managing Director at Matan Companies, added, "Our expansion into the Richmond area aligns perfectly with our regional development strategy. With Northlake II now fully leased, we are set to launch Northlake III this spring, which will feature a single building spanning 210,000 square feet, complete with ample trailer parking and enhanced logistics options."
Industry Representation
On the leasing front, specialists from JLL, namely Gareth Jones, Chris Avellana, and Charlie Polk, represented Matan at Northlake II. Meanwhile, DPR Construction was represented by Savills and CBRE, reinforcing the collaborative nature of this significant transaction.
About Matan Companies
Based in the Washington, D.C. metropolitan area, Matan Companies has established itself as a leading commercial real estate service and development firm over the past 45 years. Renowned for providing a comprehensive, full-service approach, the firm now manages over 7 million square feet of properties across industrial, bio-life science, and office sectors, with an additional 15 million square feet actively in development. Their services encompass entitlement and construction management, asset and property management, leasing, and thorough tenant support.
About DPR Construction
DPR Construction ranks among the top 10 contractors in the U.S. and focuses heavily on sustainable and innovative projects. Their commitment to excellence not only sustains their growth but also positively impacts the communities they serve. For further insights about DPR Construction's offerings and portfolio, interested parties can visit their official website.
Frequently Asked Questions
1. What is the Northlake II industrial park?
The Northlake II industrial park is a premier Class A development with four buildings, totaling 548,000 square feet, located strategically along Interstate 95.
2. Who has leased the final building at Northlake II?
DPR Construction has signed a lease for the final building at the Northlake II industrial park, covering 203,000 square feet.
3. When did DPR Construction begin operations?
DPR Construction was founded in 1990 and has since become a leader in sustainable and innovative construction practices.
4. What is the significance of the location of Northlake II?
Its strategic location along Interstate 95 facilitates excellent connectivity for logistics, manufacturing, and distribution activities in the region.
5. What are Matan Companies' future plans?
Matan Companies plans to commence Northlake III, which will include a building of 210,000 square feet, following the successful leasing of Northlake II.
