Warehouse portfolio in Chesapeake sells for $24M
334,881-square-foot industrial portfolio is fully leased
The Port of Virginia Distribution Center, a two-building, 334,881-square-foot industrial portfolio in Chesapeake, has changed hands.
Chesapeake Industrial Park LLC acquired the property at 2620-2626 Indian River Road for $24 million, according to Cushman & Wakefield | Thalhimer, which represented the seller. Phoenix Chesapeake Industrial Investors LLC was the previous owner, according to Chesapeake property records. Phoenix purchased the property in 2018 for $8,825,000.
The buildings are located on 11.28 acres near the Elizabeth River and are 100% leased to five tenants, including Fortune 500 government contractor CACI International Inc., defense contractors with ties to a nearby Navy base, third-party logistics firm Kalman & Co. and a food distribution company.
Sale negotiations were handled by Bo McKown and Eric Robison, both of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with industrial specialist Ellis Colthorpe of Thalhimer’s Hampton Roads team, who provided market leasing assistance.