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Commonwealth Crossing plays ‘long game’ for success
Commonwealth Crossing Business Centre’s first two tenants — Polish flat-glass processor Press Glass Inc. and Pennsylvania-based aluminum beverage can manufacturer Crown Holdings Inc. — have invested at least $218 million into facilities at the industrial park in Henry County, creating about 400 jobs, according to Mark Heath, president and CEO of the Martinsville-Henry County Economic [&h[...]
Youngkin to propose $350M for site development
Gov. Glenn Youngkin will propose allocating a new $350 million investment for industrial site development next week, the governor said in a speech delivered Friday at the Virginia Chamber’s Virginia Economic Summit & Forum on International Trade. In the 2022-24 budget, which Youngkin signed in June, the state allocated $150 million for the Virginia Economic […]
Chesapeake warehouse sells for $13.59M
A 70,000-square-foot warehouse and distribution building in Chesapeake sold for $13.59 million in late July, Colliers announced Wednesday. Located at 3512 Business Center Drive in the Cavalier Industrial Park, the property is 100% leased to the U.S. Postal Service and serves as a seasonal processing and distribution center. It totals 9.72 acres of land, with […]
Norfolk warehouse sells for $9M
A warehouse in Norfolk has been sold for $9 million, Cushman & Wakefield | Thalhimer announced June 6. Selko Real Estate Ventures LLC purchased the 109,609-square-foot industrial building from NorfolkCo LLC as an investment. The property is leased to American Tire Distributors (ATD) as the company’s Hampton Roads tire warehouse and distribution center. The warehouse […]
AeroFarms sells its Cane Creek property
AeroFarms has sold its 138,670-square-foot property in Cane Creek Centre to MDH Partners and leased it back for 20 years, the companies announced June 1. MDH Partners bought the property at 1526 Cane Creek Parkway for $19.1 million and leased it back to AeroFarms. The industrial park where AeroFarms is located is jointly owned by […]
Wise County IDA buys vacant office building for $1.2M
The Wise County Industrial Development Authority purchased a vacant office building in the Lonesome Pine Regional Business and Technology Park with a $1.2 million loan from the Virginia Coalfield Economic Development Authority, officials announced Wednesday. The 10,000-square-foot building sits on approximately 4.63 acres at 5957 Windswept Blvd. and came furnished. The building is adjacent to [&he[...]
Counties collaborating on industrial park
In the coming months, the rubble of a demolished furniture factory on a roughly 70-acre property in Chilhowie will be hauled away to make room for an industrial park. Smyth County is teaming up with Bland and Washington counties, forming the Pathway Regional Industrial Facilities Authority to create Pathway Park, which will feature rail service […]
Need for speed
Geoff Poston likens the current market for building, buying and leasing warehouses and distribution centers to the mid-1800s California Gold Rush: Everybody wants in. Poston, vice president of Cushman & Wakefield | Thalhimer’s Hampton Roads industrial group, says demand has never been greater for industrial real estate, creating a tight market with low vacancy. “The […]
Northam proposes $150M for site readiness
When Mazda Toyota was looking to build a plant that would have brought 4,000 jobs and 1.6 billion in investment, Virginia was ruled out. Why? Because Virginia didn’t have a competitive project-ready site available. Huntsville, Alabama, landed the deal instead. Since 2016, Virginia has lost out on 42,000 direct jobs and over $75 billion in capital […]
Industrial space gets boost in Amherst
Amherst County has received a $3 million federal grant to attract manufacturing firms with a new 45,000-square-foot, $4.6 million industrial facility. In September, the U.S. Department of Commerce announced that it awarded a $3 million grant to the county Economic Development Authority to build a new county-owned facility, with hopes that the project would create […]
Hanover industrial park sells for $4.7M
Hickory Hill Road Virginia LLC has purchased the 189-acre industrial site on Hickory Hill Road in Hanover County for $4.7 million, Porter Realty announced Monday. The Graymont Industrial Park was sold by Richmond-based Brooks Investment II Company LLC and Brookes Investment III Company LLC. Clifford B. Porter of Porter Realty Co. Inc. handled the marketing […]
UK manufacturer to build $6.4M facility in Danville
MEP Ltd., a manufacturer of complex plastic and metal components for the aerospace and defense sectors, will invest $6.4 million to establish its first U.S. operation in Danville, creating 45 jobs, Virginia Gov. Ralph Northam announced Monday. The company, which will operate in the U.S. as Making Everything Possible LLC, will locate in the Cyber […]
