Rockefeller Group JV Breaks Ground on 5 MSF Virginia Campus
A joint venture of Rockefeller Group, Matan Cos, Mitsubishi Estate New York, Chuo Nittochi and Taisei USA LLC has started construction on the first phase of Port 460 Logistics Center in Suffolk, Va. Upon completion, the development will comprise about 5 million square feet.
JLL Managing Director Gregg Christoffersen and Senior Vice President Kristopher Kennedy are handling the leasing efforts.
The first phase of the 540-acre campus will consist of 2.4 million square feet across five separate structures. The first two buildings measuring 500,000 square feet and the development’s infrastructure are slated for completion by next year. The first stage’s costs will rise to about $330 million, according to WTKR. The second phase is expected to comprise four buildings measuring 2.6 million square feet.
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The nine facilities will range in size from 250,000 to more than 1 million square feet and will include truck terminals. The buildings will be able to accommodate manufacturing, life science and logistics, port operations and warehousing uses.
In June, Governor Glenn Youngkin directed the Commonwealth Transportation Board to allocate $30.1 million from the state’s Transportation Partnership Opportunity Fund for the Route 460 Improvement Program, which will also benefit the underway campus.
Additionally, the Virginia Business Ready Sites Program awarded $126 million to several sites across the Commonwealth, including Port 460 Logistics Center. Upon completion, the project is expected to generate more than 9,000 jobs.
The campus at 2925 Pruden Blvd. will provide direct access to the Port of Virginia, located some 22 miles away, while downtown Richmond will be roughly 79 miles from the campus.
Port 460’s first phase, up close
The cross-dock Building 1 within Port 460 will measure 344,100 square feet and feature 100 dock-high loading doors, 198 trailer stalls, a 140-foot truck court and about 170 vehicle parking spots. The 242,000-square-foot, rear-load Building 2 will have 56 dock doors and 156 trailer spaces, 240 car spots and a 135-foot truck court.
Additionally, both facilities will have 36-foot clear heights. The other three structures will provide cross-dock services and range between 344,100 and more than 1 million square feet. These are expected to come online by the first half of 2026.
The Port of Virginia, poised for growth
The Port of Virginia is currently undergoing several infrastructure expansions set to attract new investors and further enhance the state’s economy. The Virginia Port Authority secured $1.4 billion through the Gateway Investment Program to support canal dredging, widening and upgrades to equipment and technology.
Despite a cooling demand across port industrial markets, the Port of Virginia is still a hotspot. In July, a joint venture between Turnbridge Equities and Manekin LLC started work on the 506,559-square-foot Hampton Logistics Center Campus in Hampton, Va. Expected for completion in the first half of next year, the project will be 11 miles from the port.
LS GreenLink USA is also active in the area with the construction of a $681 million submarine power cable manufacturing facility in Chesapeake, Va. The development marks the largest investment for the city and will sit just 5 miles from the port.
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