Turnbridge Equities JV Starts New Industrial Project Near Port of Virginia
A joint venture between Turnbridge Equities and Manekin LLC has begun construction on Hampton Logistics Center, a two-building, 506,559-square-foot industrial campus located in Hampton, Va. Delivery is expected by mid-2025.
The groundbreaking took place roughly two months after the partners purchased the 32-acre site from the City of Hampton Economic Development Authority. They also secured a $43.8 million construction loan from Knighthead Funding LLC, alongside joint venture equity from Heitman.
A JLL Capital Markets team consisting of Senior Managing Directors Bill Prutting and Pete Pittroff, Managing Directors Chris Hew and Rob Carey, Senior Director Dave Andrews and Directors Craig Childs, Josh McArdle and Chis Dale secured the financing on behalf of the developer.
Hampton Logistics Center is not the sole result of the collaboration between Turnbridge and Manekin. The two firms are also partners in the development of National Capital Business Park, a multi-phase park in Bowie, Md., that will span 3.5 million square feet of industrial space across 280 acres.
Port-focused project
At full build-out, Hampton Logistics Center will consist of two warehouses. Building 1 will be a 230,874-square-foot facility located at 1012 N. Campus Parkway, while Building 2 will span 275,685 square feet at 1008 N. Campus Parkway.
Both facilities are set to include 36-foot clear heights, 268-foot truck courts and 52- by 52-foot columns with 60-foot speed bays. The project was designed to achieve a LEED Gold certification.
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Hampton Logistics Center is 11 miles from The Port of Virginia and 19 miles from Norfolk International Terminal’s North and South Gates. Marine terminals at Newport News, Va., and Portsmouth, Va., are 9 and 25 miles away, respectively.
JLL Managing Director Gregg Christoffersen will handle leasing at the park. Turnbridge anticipates that most of the property’s tenants will come from the public sector, particularly the Department of Defense, due to the campus’ location near Langley Air Force Base, Norfolk Naval Station and NASA’s Langley Research Center.
Triumphs on Hampton Roads
Due in part to its proximity to one of the busiest ports on the East Coast as well as the elevated consumer demand, the Hampton Roads industrial market boasts some of the region’s lowest vacancy rates, while net absorption continues to trend upwards. A Cushman & Wakefield report for the first quarter reveals the region had a 3.2 percent vacancy rate, as well as 795,000 square feet of positive net absorption.
Meanwhile, the market had more than 3.2 million square feet of industrial space under construction. In April, W.M. Jordan Development began construction of 460 Commerce Center, a 352,000-square-foot project in Windsor, Va.
One of the largest planned developments in the region is Port 460 Logistics Center, a 540-acre, 5 million-square-foot project of Rockefeller Group and Matan Cos. Groundbreaking is expected this summer.
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