US-based real estate investment company Lovett Industrial has completed the purchase of 328 acres of land in James City County, Virginia, US, for its Enterprise Logistics Park.

The Enterprise Logistics Park measures approximately 2.2 million square feet and was established to meet expanding demand from the Port of Virginia.

The park will be built to industry-leading requirements and is planned to provide a range of building sizes ranging from 100,000ft² to 1,000,000ft².

The first phase’s ground-breaking is scheduled for the first quarter of 2024, with the design of the park currently in progress.

Once completed, it is expected to be the largest speculative industrial development on the I-64 corridor between the cities of Norfolk and Richmond.

Enterprise Logistics Park is in a major transit corridor between the Port of Virginia and I-95, with immediate access to the I-64 motorway.

Infrastructure improvements comprise a major collector road for efficient access and exit and major utility infrastructure capable of serving a range of applications, including manufacturing.

Furthermore, the park will include recreational amenities for park staff, as well as retail and convenience features that will aid trade in the area.

Lovett senior associate Ben Swift said: “The Hampton Roads industrial market has some of the strongest fundamentals in the country.

“With the economic engine of the Port of Virginia investing heavily in their operations and capacity coupled with the billions of dollars of infrastructure improvements expanding I-64, we believe this region is positioned well for future growth and a strong demand for industrial space.

“We are excited to partner with James City County and the Port of Virginia on this project.”

Geoff Poston and Ellis Colthorpe of Cushman & Wakefield | Thalhimer will handle Enterprise Logistics Park's entire marketing and leasing efforts.

The park is Lovett's third acquisition of land in the Mid-Atlantic region of the country.