Industrial Realty Group, LLC has acquired a warehouse property in Virginia, as it looks to continue to expand its presence in the state.
Located at 3321 Princess Anne Road in Norfolk, the facility makes up a total of 298,126 square feet. Currently, Beckett Corporation and LION Power occupy spaces at the property, but IRG said that 193,792 worth of square foot space is still available for leasing.
The warehouse is within 23 miles of Newport News Marine Terminal, Virginia International Gateway, and Norfolk International Terminals. Additionally, there is an Enterprise Zone that has access “to heavy power” that lies within the warehouse, according to IRG.
“We are excited to continue to grow our portfolio in the Norfolk market,” said Stuart Lichter, president of IRG.
“The property is extremely well-positioned within the Port of Virginia area, which supports our tenants’ needs.”
Helping facilitate the deal was Stephanie Sanker, CCIM, SIOR, senior vice president and partner of S.L. Nusbaum Realty Co. The real estate firm will also be the one that will lease out the remaining space at the warehouse.
IRG also owns build-to-suit completed projects within the state including in Suffolk and Portsmouth for its tenant, Unis. Plus, IRG is working on finalizing another build-to-suit project known as RoadOne in Suffolk.