Turnbridge Equities and Manekin Break Ground on Hampton Logistics Center, a 506,559 SF Class A Industrial Park at the Port of Virginia Update 07/10/24

Turnbridge Equities and Manekin Break Ground on Hampton Logistics Center, a 506,559 SF Class A Industrial Park at the Port of Virginia

Turnbridge Equities (“Turnbridge”), a vertically integrated real estate investment and development firm, announced that Turnbridge and its co-development partner, Manekin LLC, a leading Maryland-based real estate development firm (collectively, the “Developer”), acquired the site and capitalized the construction of Hampton Logistics Center (“HLC”) in Hampton, Virginia, adjacent to the Port of Virginia. The transaction, which closed in May, included a $43.75 million construction loan from Knighthead Funding LLC and joint venture equity from Heitman LLC for the construction of two Class A industrial warehouse buildings totaling 506,559 square feet.

Hampton Logistics Center features two Class A warehouses of 230,874 square feet and 275,685 square feet that will be built simultaneously. The two buildings, which are located on 31.95 acres, feature 36-foot clear height, 185-foot rear-load truck courts, and 334 auto parking spaces. The buildings will be LEED Gold certified, making them the first industrial warehouse buildings to achieve such certification within the Hampton Roads market.

HLC’s exceptional location places it less than 20 minutes from the highly coveted Port of Virginia. The Port of Virginia is the third largest port on the East Coast and the most efficient major port in the United States, according to the Container Port Performance Index. HLC is located just three (3) minutes from Interstate 64, providing immediate access to the entire Hampton Roads MSA, Interstate 95, and 75% of the U.S. population within a two-day drive. The Port of Virginia is completing over $16 billion of improvements that will increase the capacity and efficiency of the Port of Virginia’s facilities as well as the highway, bridge, and tunnel infrastructure serving them and HLC.

“We have spent many years looking for opportunities to develop Class A industrial product around the Port of Virginia, and we’re excited to be breaking ground on Hampton Logistics Center. The size of each of the buildings will appeal to a range of tenants serving both the port and local markets, and the project’s LEED Gold certification will distinguish the quality of Hampton Logistics Center,” commented Manekin Managing Director, John Graham.

In addition to being the third-largest commercial port on the East Coast, the Hampton Roads market features the world’s largest naval base, Norfolk Naval Station, Langley Air Force Base, Naval Air Station Oceana, and multiple other defense facilities. The region is home to one of the largest concentrations of defense industry assets in the world and is consistently the recipient of more than $20 billion per year in public sector spending on Department of Defense and other public sector spending, which enhances the industrial warehouse demand in the market.

“Hampton Logistics Center is positioned to capitalize on the growth and investment of the Port of Virginia, as well as the robust defense and last mile demand of the greater Hampton Roads market. Given the high barriers to entry and resultant lack of new infill supply, we believe that market dynamics will remain strong,” commented Turnbridge Equities’ Managing Director, Jason Davis.

The site was purchased from the City of Hampton Economic Development Authority. The JLL Capital Markets team of Chris Hew, Rob Carey, Bill Prutting, Craig Childs, Josh McArdle, Pete Pittroff, Dave Andrews, and Chris Dale represented the Developer in raising both the debt and equity for the transaction.

Clearing of the site was completed in early 2023. Sitework is now commencing with delivery of both buildings in mid-2025. HLC is being leased by Gregg Christoffersen of JLL, and more information can be found at https://www.hamptonlogisticscenter.com/.

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