One of Phenix Commerce Center’s two buildings will include a 6,000-square-foot workforce training center operated by the city of Hampton. Image courtesy of NorthPoint Development
NorthPoint Development has broken ground on Phenix Commerce Center, an 841,300-square-foot industrial asset in Hampton, Va. The $111 million project is developed in partnership with Elegran Capital. Colliers will serve as exclusive leasing agent for the property.
The developer held a ceremony on November 9, with speakers including Mayor Donnie Tuck, Assistant City Manager Brian DeProfio and NorthPoint Vice President of Development Marc Gloyeske.
The two planned buildings are set to come online in the third and fourth quarter of 2024. According to City of Hampton public records, the partnership acquired the land for $5.2 million. The development is expected to bring 450 jobs to the area, including construction and operational roles.
READ ALSO: Top 5 Emerging Industrial Markets
Phenix Commerce Center will comprise two buildings—a cross-dock and a rear-load one. Building 1 will encompass 534,780 square feet and is set to feature 40-foot clear heights, four drive-in doors, 56 dock doors, LED lights with motion sensors, 346 vehicle parking spots and around 146 trailer parking spots. Building 2 will total 299,783 square feet and feature 36-foot clear heights, two drive-in doors, 31 dock doors, 364 vehicle parking spots and 88 trailer parking spots.
Phenix Commerce Center will provide access to interstates 664 and 64, and will rise roughly 4 miles from Newport News Marine Terminal, 13 miles from Newport News/Williamsburg International Airport, 18 miles from Port of Virginia and 22 miles of Norfolk, Va.
Colliers Executive Vice Presidents Lang Williams and Ashton Williamson, together with Associate Patrick Molloy will market the industrial development for lease.
Recent projects in the area
NorthPoint Development’s project is among several others to be recently added to the Richmond-Hampton Roads construction pipeline. In June, Lovett Industrial announced its plans for Enterprise Logistics Park, a 2.2 million-square-foot campus in James City County, Va. The 328-acre speculative development will be located on the primary transit corridor between The Port of Virginia and Interstate 95.
In September 2022, Industrial Realty Group LLC launched an agreement to develop a 227,000-square-foot distribution center in Suffolk, Va., close to The Port of Virginia, marking its third build-to-suit project in the area.
The post NorthPoint JV Breaks Ground on $111M Richmond-Area Project appeared first on Commercial Property Executive.
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
ground lease, ground leases, net lease, ground leases 101, ground lease nyc, skyline properties, skyline properties nyc, Robert Khodadadian, investment sales, broker, commercial real estate, skyline properties, commercial real estate, NYC real estate, ground lease, Skyline Properties, Skyline NYC, Skyline Properties NYC, New York City Real Estate, ground leases, commercial buildings, apartment buildings, townhouses, mixed use investment building, mixed use user buildings, live plus income buildings, industrial properties, NYC Real Estate, Real estate investment, commercial real estate, robert khodadadian, skyline properties, ground lease, net lease, investment sales, brokerage, manhattan real estate, off market broker, daniel shirazi, Off-market real estate
Read MoreDevelopment, Industrial, Mid-Atlantic, News, Richmond, Colliers, Elegran Capital, NorthPoint Development Commercial Property ExecutiveThe two buildings are planned to come online in 2024.
The post NorthPoint JV Breaks Ground on $111M Richmond-Area Project appeared first on Commercial Property Executive.