Turnbridge Equities, in partnership with developer Manekin, has acquired a site and completed the capitalisation of construction of the Hampton Logistics Center (HLC) in Hampton, Virginia, US.
The transaction, completed in May this year, was supported by a $43.75m construction loan from Knighthead Funding and joint venture equity from Heitman.
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Manekin managing director John Graham said: “We have spent many years looking for opportunities to develop Class A industrial product around the Port of Virginia, and we’re excited to be breaking ground on Hampton Logistics Center.
“The size of each of the buildings will appeal to a range of tenants serving both the port and local markets, and the project’s LEED [Leadership in Energy and Environmental Design] Gold certification will distinguish the quality of Hampton Logistics Center.”
The site for the HLC was acquired from the City of Hampton Economic Development Authority.
Site clearing was concluded in early 2023, with site work now commencing.
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By GlobalDataThe development, adjacent to the Port of Virginia, is set to deliver two Class A industrial warehouses by mid-2025.
The two warehouses will encompass 230,874ft² and 275,685ft², respectively.
Spanning 31.95 acres, the facilities will feature 36ft clear heights, 185ft rear-load truck courts, and ample parking with 334 auto spaces.
The buildings will be LEED Gold certified.
The HLC will be three minutes from Interstate 64, providing access to the Hampton Roads MSA, Interstate 95, and a majority of the US population.
Turnbridge Equities managing director Jason Davis said: “Hampton Logistics Center is positioned to capitalise on the growth and investment of the Port of Virginia, as well as the robust defence and last-mile demand of the greater Hampton Roads market.
“Given the high barriers to entry and resultant lack of new infill supply, we believe that market dynamics will remain strong.”
Gregg Christoffersen of JLL is responsible for leasing the HLC.
Last year, Turnbridge Equities capitalised on the first phase of the National Capital Business Park in the Washington, D.C. metropolitan area.
This venture also saw its collaboration with Manekin.
