Devon Plans 506,000-SF Expansion in Central Virginia

ATLANTA-Devon USA of Richmond, VA sees a turnaround coming for the industrial market and plans to be part of the growth surge in expanding its 650,000-sf, 81%-leased Enterchange at Walthall business park by 506,000 sf for a total 1.16 million sf.

The three new class A warehouse and distribution buildings will be speculatively built at an estimated $30 per-sf hard construction cost with no preleasing, Edward D. Mitchell, Devon’s vice president, says in a prepared statement.

The pads for two of the buildings totaling 219,000 sf have been completed and steel erection is scheduled for Aug. 15. Occupancy is slated for March 2003. Site work for the third 287,000-sf building will begin in July with steel erection scheduled for Oct. 15. Occupancy is tentatively set for July 2003.