Heritage Capital buys Hampton Roads Industrial/Flex Portfolio – CEO of Commercial Property

The Heritage Capital Group has purchased five-ownership, 508 814 square feet of industrial flexible wallet in Chesapeake, Washington, for $ 45 million. Teams from Cushman & Wakefield | Thalhimer and Cushman & Wakefield in Washington, Colombia District, represent sellers, DSC partners and Iron Point Partners.

The collection includes a warehouse, laboratory and open office premises on four plots. A fifth plot of about 2.6 acres provides additional parking. The location has immediate access to Interstate 64 and thus easy connections with the port and nearby military bases and shipyards.

The assets were 84 percent rented by a total of 37 companies at the time of sale. About 60 percent of the list is made up of medical and government tenants, including Sentara Healthcare and Chugach Government Solutions, said Eric B. Robbyson, Executive Vice President of the capital markets at Thalhimer CEO of commercial propertyS

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Robyson added that more than three quarters of the occupied GLA has completed new leasing or renewal from August 2020, showing the tenant’s sustainability through the Covid-19 pandemic.

The buildings in the portfolio are:

• Battlefield Corporate Center, 535 Parkway for Independence (one story, 96 720 square feet);

• GreenBrier I Technology Center, 814 Greenbrier Circle (one history, 97,194 square feet);

• GreenBrier II Technology Center, 816 Greenbrier Circle (two stories, 82,229 square feet); and

• Greenbrier Circle Corporate Center, 825 Greenbrier Circle (two stories, 126 874 square feet) and 1801 Sara Drive (105 797 square feet).

Class B properties were completed between 1981 and 1987, according to information provided by Commercialedge.

Robyson and Bo McCone of the Talhimer Capital Markets Group, along with Eric Berkman and Kevin Sydney of the Cushman & Wakefield’s Capital Markets team in Washington, Colombia, represent the seller. The funding was received from the Cushman & Wakefield debt team of Michael Zelin, Marshal Skalan and Ryan McMahon.

Lull

The Hampton Roads Industrial Space Market has benefited from the improvements to clean energy and railway infrastructure at the port of Virginia, even when the market activity, moderated by the end of the year, in part of the work problems in the port, according to the fourth quarter of Cushman & Wakefield.

Industrial free space increased slightly to 4.4 percent in December, but Cushman & Wakefield envisages the profit of absorption this year.

In September, A Joint Venture of Rockefeller Group, Matan Cos, Mitsubishi Estate New York, Chuo Nittochi and Taisei USA LLC Started Construction on the First Phase of Port 460 Logist Upon Completion, The Property Will Comprise About 5 Million Square Futa.