Silverman Acquires Crosspointe Logistics Center in VA

Silverman Group has entered the Richmond, VA market in a big way, with the acquisition of the Crosspointe Logistics Center—including 880 acres of land for development—from Rolls-Royce, the British aircraft engine maker that previously operated an advanced manufacturing facility on the site.

Silverman acquired the property through its affiliate SL Industrial Partners. Rolls-Royce was represented in the transaction by Colliers and Cushman & Wakefield. Terms of the deal were not disclosed.

Crosspointe Logistics Center currently is occupied by an empty 292K SF industrial building that offers dual circuit electrical service with a total capacity of 50 MVA and a 350 KW backup generator.

The property, located in Prince George, VA, is equidistant to the Port of Virginia’s Norfolk and Richmond terminals and in proximity to a nexus of highways, including I-295, I-95 and Route 460.

When fully built out, the site can accommodate more than 3M SF. Silverman said it has engaged a Colliers team to handle leasing of any future buildings in the industrial complex as well as the existing manufacturing facility at Crosspointe Logistics Center.

“Having a ready-to-go building that has abundant power, infrastructure, expansion capabilities and available immediately for users to occupy is hard to find in today’s environment,” said Toby Nelson, Silverman Group’s VP of leasing, in an interview with citybiz, a local news outlet.

Rolls-Royce announced in August 2020 that it would close the aircraft parts plans in Virginia in the summer of 2021, eliminating 280 jobs. In its statement explaining the plant closure, the company cited the impact of the pandemic on the aircraft industry.

“The COVID-19 pandemic has caused a historic collapse in civil aviation, which will take several years to recover. As a result, we’ve had to make difficult, but necessary, decisions to protect the future of our business,” the company’s statement said.

The Prince George plant opened in 2011 and primarily produced rotating discs for jet engine turbines. In 2014, a second production line was added to make turbine blades and nozzle guide vanes, which direct airflow onto the turbine blades, spinning the turbines at high speed.

Rolls-Royce North America established its corporate headquarters in Reston, VA in 2008. In 2020, the company became the first to move into the redevelopment of Reston Station, which included three 16-story glass office towers.