James City County farmland sells for $12M

A Houston-based industrial real estate company has purchased a 328-acre former farm in James City County for $12 million with plans to develop facilities for manufacturers, importers and warehousing and distribution companies.

Cushman & Wakefield | Thalhimer and sales partners Berkshire Hathaway HomeServices RW Towne Realty announced the sale of The Enterprise Center at Hazelwood Farms on May 22.

Lovett Industrial purchased the property, selecting it because of its proximity to the Port of Virginia and Interstate 64 between Hampton Roads and Richmond, according to a news release.

Geoff Poston and Ellis Colthorpe, both of Cushman & Wakefield | Thalhimer, along with Kimber Smith and Janet Moore of Berkshire Hathaway HomeServices RW Towne Realty, handled negotiations on behalf of the seller. Cushman & Wakefield | Thalhimer has been awarded leasing and marketing services for the future development project.

“We look forward to the next phase of development and lease-up, attracting highly coveted industrial users to the region in support of the Port of Virginia. The site is very well-positioned to accommodate users heading west from the Port of Virginia to the Northeast and Midwest regions by leveraging its strong labor supply pool and recent nearby transportation improvements,” Poston said in a statement.

The property sold on April 28, Poston told Virginia Business in an email. According to reports, the property was previously owned by descendants of George and Cinthia Hazelwood, who began purchashing land in James City County in 1885.