Cushman & Wakefield | Thalhimer to Lease 1.2 MSF Industrial Project
This speculative development will take shape between Hampton Roads and Richmond, Va.
The Meridian Group has appointed Cushman & Wakefield | Thalhimer as the exclusive leasing agent for Tidewater Logistics Center in Windsor, Va. Senior Vice President Geoff Poston, Senior Associate Brett Sain and Associate Ellis Colthorpe will spearhead leasing efforts at the five-building industrial park that will encompass 1.2 million square feet at full build-out.
The Class A speculative project is approaching the start of construction as the 168-acre site is currently undergoing rezoning. Phase I was designed to include three buildings ranging between 131,820 and 561,600 square feet. Two more facilities, of 170,500 and 238,700 square feet, will be added during Phase II. ARCO Design Build is part of the development team.
The industrial park will take shape along U.S. Route 460, between Hampton Roads and Richmond, Va., in the Isle of Wight County. The property is 30 miles from the Port of Virginia marine terminals. Corporate neighbors in the surrounding area include World Market, Keurig Dr. Pepper, Safco, and Green Mountain Coffee, among others.
Industrial development in Virginia
Maryland-based TMG embarked on its first Virginia project two years ago, with the purchase of a 277-acre site in Winchester. Several months later, the firm broke ground on One Logistics Park, a 2.7 million-square-foot project developed in partnership with Wickshire Industrial. Completion of Phase I is expected in the second half of 2023.
A second quarter 2023 Hampton Roads report from Cushman & Wakefield | Thalhimer shows that the market had an overall vacancy rate of 2.3 percent, with approximately 4.4 million square feet of industrial space under construction.
One of the market’s upcoming projects was announced this June. Enterprise Logistics Park, a 2.2 million-square-foot industrial campus in James City County, Va., could break ground in the first quarter of 2024.