FREDERICK, Md., Dec. 24, 2025 — Matan Companies, a leading Mid-Atlantic industrial developer, announced today that it has obtained a full-building lease for the final phase of its Northlake II industrial park. The 203,000-square-foot building has been rented to DPR Construction, a top – tier general contractor well – known for providing innovative construction solutions across commercial, healthcare, higher education, technology, and life sciences sectors.
Northlake II, situated in Ashland, Virginia, around 15 miles north of Richmond, is a premier Class A industrial development that consists of four buildings and has a total area of 548,000 square feet. Phase I (Buildings A, B, and C), with a total area of 345,000 square feet, was delivered and leased in early 2024 to tenants such as Ferguson Enterprises, Chadwell Supply, Envoy Solutions, and Haskell Hardware. Its strategic location along Interstate 95 offers connectivity to the East Coast’s main north – south corridor, which is perfect for logistics, manufacturing, and distribution operations in Hanover County’s prosperous market.
Construction of Building D started in summer 2025, and it is targeted to be completed in late spring 2026. This lease emphasizes the strong demand for high – quality industrial space in Greater Richmond, where vacancy rates stay low and the absorption of space continues to exceed new supply.
“This milestone achievement for Northlake II showcases the lasting strength of the Richmond industrial market and our dedication to developing spaces that can meet the changing demands of forward – thinking tenants like DPR Construction,” said JP Matan, Principal at Matan Companies. “We are very excited to welcome DPR to our portfolio and look forward to supporting their growth along the I – 95 corridor.”
DPR Construction, established in 1990 and headquartered in Redwood City, California, brings its expertise in sustainable and technology – driven projects to Virginia. With annual revenues surpassing $9 billion and a workforce of over 10,000, DPR has completed significant projects across the nation, including hospitals, data centers, and corporate campuses. This new facility will strengthen DPR’s presence on the East Coast.
“Our expansion into Richmond is a natural part of our regional development strategy,” added Zach Jung, Managing Director, Matan Companies. “Since Northlake II is fully leased, we will start Northlake III this spring. It is a single building with a total area of 210,000 square feet, having 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 in this deal.
About Matan Companies
Matan Companies, based in the Washington, D.C. suburbs, is one of the region’s leading commercial real estate services and development firms. Founded more than 45 years ago based on the principle of offering a comprehensive, full – service approach, the firm’s current portfolio includes over 7 million square feet of industrial/bio – life science/office assets, 15 million square feet in the development pipeline, several active residential developments, and a separate portfolio of multifamily and manufactured housing units. The company provides a wide range of services to its real estate investors and tenants, including entitlement/construction management, asset and property management, leasing, and tenant services. For more information about the Matan Companies, please visit.
About DPR Construction
DPR Construction is a top 10 U.S. contractor with expertise in sustainable, technology – focused projects. Committed to innovation and having an impact on the community, DPR delivers outstanding results for clients in various sectors. Learn more at.
SOURCE Matan Companies