Lovett JV Buys Richmond-Area Industrial Park

The campus consists of four fully leased buildings.

A partnership between Lovett Industrial and an affiliate of Heitman LLC has acquired Diamond Hill Distribution Center, an approximately 720,000-square-foot industrial park in Chesapeake, Va., a Richmond-Hampton Roads submarket. Link Logistics was the seller, according to CommercialEdge information.

Cushman & Wakefield brokered the transaction and secured an acquisition loan from Voya Financial. Harvey Lindsey Commercial Real Estate will provide leasing and marketing services. The four-building portfolio was fully leased at the time of sale to Amazon, Eska USA, Serco and National Tire Wholesale, CommercialEdge reports.

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The facilities came online between 1974 and 1997 and consist of suites ranging from 60,000 to 225,000 square feet. The distribution centers feature a total of 96 dock-high loading doors and drive-in doors, trailer stalls, more than 520 vehicle parking spaces and 27- to 29-foot clear heights. The park also has activatable rail spurs and rail doors.

The industrial campus is at 1910-1920 Campostella Road, 2115 Portlock Road and 1960 Diamond Hill Road, providing easy access to interstates 64 and 464. Downtown Norfolk is within 7 miles, while the Port of Virginia is some 18 miles northwest; downtown Richmond is 103 miles away.

Harvey Lindsey Commercial Real Estate Senior Vice President Charles Dickinson will conduct the leasing efforts. Cushman & Wakefield Vice Chair John Alascio secured the loan. Last year, Alascio was part of the group that arranged a $45 million floating rate loan for the refinancing of a 1 million-square-foot building in Tobyhanna, Pa.

Lovett’s industrial pipeline

Lovett Industrial is present in eight U.S. markets and has more than 7 million square feet of industrial space underway, along with some 9.5 million square feet in the planning stages.

This week, the company broke ground on Stafford Logistics Park, a 785,000-square-foot industrial park in Stafford, Texas, in the Greater Southwest Houston submarket. The two-building project is being developed on some 38 acres.

In December, the firm, in partnership with Rosewood Property Co., announced plans to develop Addison Innovation Center, a two-building, 242,062-square-foot industrial park in Addison, Texas. The campus represents Lovett’s sixth development in the Metroplex.

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