Phoenix Investors Acquires Chesapeake, Virginia, Industrial Buildings
"The subject acquisition represents our entry into Norfolk's tight industrial market. With an overall market vacancy rate of 3.9% and limited quality inventory within proximity, these properties are well positioned for future value-add improvements. Together, the buildings are currently 85% leased to a diverse tenant roster, having upside in leasing," said Anthony Crivello, Phoenix's Executive Vice President.
Built in 1971, 2620 Indian River Road is a concrete tilt-up building comprised of a net rentable area of 149,315 square feet. It has 27-foot clear ceiling heights, 50-foot by 50-foot column spacing, nine docks, and is 67% leased.
In addition, it offers an active rail spur situated on the Norfolk Southern rail line with twelve rail doors, allowing both inbound and outbound rail shipments. Phoenix intends on aggressively marketing the vacant space to new users.
The 2626 Indian River Road property is a tilt-up concrete and metal building comprised of 184,660 square feet in improvements. The building has up to 24-foot clear ceilings heights, 50-foot by 50-foot column spacing, twenty-five docks, sixteen rail doors, and is fully leased to three tenants.
"The proximity to Portsmouth Marine Terminal, Virginia International Gateway, Norfolk International Terminal and Newport News Marine Terminal made this an attractive addition for our portfolio. We are actively seeking similarly styled acquisitions of single properties and portfolios of industrial across the United States," said Frank Crivello, Chairman & Founder of Phoenix.
Senior mortgage financing was provided by Atlantic Capital. The transaction was brokered by Glenn Gibson and Bobby Beasley of Harvey Lindsay Commercial Real Estate.
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