Lovett Industrial, the Houston-based real estate investment firm, closed on 328 acres of land in James City County, Virginia in late April 2023 with plans to develop Enterprise Logistics Park, an approximate 2.2 million square foot business park uniquely positioned to capture growing demand from the Port of Virginia.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230620387509/en/
Located in the primary transit corridor between the Port of Virginia and I-95, the future business park stands to benefit from planned infrastructure improvements including a major collector road, which will enable efficient ingress and egress from the property. (Photo: Business Wire)
The business park will be constructed to industry leading specifications and will be designed to accommodate a variety of building sizes ranging from approximately 100,000-1,000,000 square feet. The groundbreaking of the initial phase is anticipated for the first quarter of 2024, with design currently underway. Upon completion, Enterprise Logistics Park will be the largest speculative industrial development ever completed on the I-64 corridor between Norfolk and Richmond.
Located in the primary transit corridor between the Port of Virginia and I-95, Enterprise Logistics Park also features immediate access to I-64, where a substantial lane expansion project is currently underway. Planned infrastructure improvements will include a major collector road, which will enable efficient ingress and egress from the property, along with major utility infrastructure capable of accommodating a variety of uses including manufacturing uses. Additionally, the park will feature recreational amenities for employees working within the park along with retail and convenience amenities that will benefit the trade area.
Ben Swift, Senior Associate at Lovett Industrial commented, “The Hampton Roads industrial market has some of the strongest fundamentals in the country. With the economic engine of the Port of Virginia investing heavily in their operations and capacity coupled with the billions of dollars of infrastructure improvements expanding I-64, we believe this region is positioned well for future growth and a strong demand for industrial space. We are excited to partner with James City County and the Port of Virginia on this project.”
Marketing and leasing efforts for Enterprise Logistics Park will be exclusively handled by Geoff Poston and Ellis Colthorpe at Cushman & Wakefield | Thalhimer.
Enterprise Logistics Park is the third land acquisition in the Mid-Atlantic for Lovett Industrial. Lovett Industrial currently owns 377 acres across the Northeastern United States capable of accommodating approximately 2.6 million square feet of industrial space. In addition, Lovett Industrial recently acquired and currently operates Middlebrook Crossroads, an 18-building portfolio of warehouses located in Bridgewater, New Jersey. Lovett Industrial currently is active in 7 additional markets across the U.S. and approximately 7 million square feet of projects currently under construction companywide.
About Lovett Industrial:
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in 7 markets across the United States, Lovett Industrial’s portfolio consists of approximately 14.3 million square feet of completed, acquired, and under construction warehouses and in excess of 9 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230620387509/en/
Contacts
Paige Chiang
paigec@lovettindustrial.com
