(To read more on the industrial market, click here.)
NORFOLK, VA-ProLogis has been contracted by NYK Logistics to build a 130,8000 sf distribution facility here. Development costs are expected to be more than $20 million, Richard Strader, ProLogis senior vice president of capital deployment tells GlobeSt.com.
The facility, which will be set on 34 acres in Chesapeake, will be delivered in Q2 of 2007. This location will provide NYK access to the Port of Virginia, including its marine terminals in Norfolk, Portsmouth, Newport News and Front Royal.
Strader says that NYK is using the warehouse as a deconsolidation facility for its retailer client, Target. Target has a distribution facility nearby, he says.
The location is also ideal in that it is zoned to build a container storage area at the facility, with enough room to accommodate more than 600 containers in the yard, Strader says. "It is very difficult to find space that provides not only access to important terminals but also allows for container storage," Strader says. The company spent a year scouting for an appropriate site.
Besides the 630 container and/or trailer stalls the new facility will have, there will also be some 10,000 sf of office space. The site can be reached from Military Highway and Yadkin Road.
ProLogis provides more than 2.9 million sf of distribution space to NYK around the world, most of it overseas, Strader says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
