Lingerfelt Finalizes 106,376 SF Lease with PECO Pallet at Port 801

Lingerfelt and Colliers are pleased to announce a 106,376 square-foot lease with PECO Pallet at Port 801, located at 801 Port Walthall Drive, Colonial Heights, VA. The transaction brings Port 801 to full occupancy. PECO Pallet, Inc. is one of North America's largest providers of rental pallet services to the beverage, grocery, and consumer products industries. The transaction establishes PECO's primary operating facility serving the greater Richmond business community as well as clients North to Fairfax, Southeast to Norfolk, and West into West Virginia.

PECO is the second of two tenants in operation at Port 801, which is a 239,448 square-foot ground-up speculative industrial warehouse project designed and constructed for Lingerfelt by ARCO Design Build in Q4 of 2022.

"This location provides PECO with the opportunity to establish a showcase facility serving our customers in this region," said Daric Schafer, PECO's Senior Director - Depot Operations for the U.S. and Canada. "The modern amenities designed into this facility support our goals to position PECO as a preferred employer providing superior, responsive pallet pooling services."

Schafer added that the new facility enables PECO to invest in and deploy additional automated sorting equipment to improve safety and operational efficiency, further supporting the organization's emphasis on sustainability and being a good steward of the environment. PECO previously operated from a site in South Richmond.

Colliers' Rob Dirom, Wood Thornton, and Frank Hargrove, III handled the transaction on behalf of Lingerfelt. Graham Stoneburner of Cushman & Wakefield | Thalhimer represented PECO.

John Mason, Senior Vice President of Development at Lingerfelt said, "We are excited to welcome PECO Pallet to Port 801, marking another successful milestone in our commitment to delivering high-quality industrial spaces in the Mid-Atlantic region. This lease highlights the strategic importance of Chesterfield County for logistics and distribution companies. We look forward to supporting PECO in their growth and operational efficiency as they continue to lead in sustainable pallet pooling solutions."

"Working with the Lingerfelt and PECO teams to execute this final transaction at Port 801 has been an honor," said Wood Thornton, Senior Vice President & Principal in Colliers' Richmond office. "We were lucky to work with Lingerfelt on this project from land acquisition through full lease-up of the project, and are excited to have been able to help PECO continue their steady growth in Central Virginia through this transaction."

PECO Pallet operates North America's second largest pallet rental network with some 90 pallet depots managing an inventory of over 20 million of its signature red, high-quality 9-block pallets. A leading provider of high-quality, reusable wood pallets across North America, PECO is committed to delivering cost-effective and sustainable pallet pooling solutions. Their robust, durable pallets support efficient supply chains for manufacturers and distributors, reducing waste and optimizing logistics.

Pallets are the primary platform on which businesses stack, secure and ship products of all types in trucks, intermodal rail containers and other conveyance vehicles. PECO's network serves a variety of businesses including big-box retailers, club stores, consumer products companies, grocers, agriculture, and local and regional distributors.