Suffolk logistics facility purchased for $50.5M

An entity connected with Ashley Capital, a New York-based industrial real estate company, sold a multi-tenant facility in Suffolk for $50.5 million to a Florida real estate investment firm on May 1, according to the city’s property records.

The Bridgeway Business Center, a 707,000-square-foot warehousing and distribution facility on College Drive in Suffolk, was purchased by InLight Real Estate Partners. The building sits on 50 acres about seven miles from the Virginia International Gateway container terminal.

InLight acquired the property in a joint venture with a Connecticut-based institutional family office, which an InLight spokesperson declined to name. Financing for the acquisition was through Connecticut-based Knighthead Funding, according to InLight’s announcement.

Bridgeway Business Center is fully leased with five tenants, including Newport News-based Huntington Ingalls Industries, United Parcel Service, Georgia-based Coastal Logistics Group, the Virginia Department of General Services and Louisiana-based Dupré Logistics, according to InLight.

HII has leased space at the property since 1997 to support its adjacent Newport News Shipbuilding subsidiary, which was a draw for InLight, according to Charles Margiota, a partner at the real estate investment company. “We are thrilled to acquire an asset that, for the last 27 years, has been home to HII, the largest Navy shipbuilder in the country,” Margiota said in a statement.

InLight, an investment and development firm that focuses on industrial and logistics real estate across the Sun Belt, Midwest, East Coast and Gulf Coast markets, plans property improvements to the business center. The company spokesperson declined to specify what the upgrades will entail.