{"id":1004704470,"date":"2024-03-01T06:28:18","date_gmt":"2024-03-01T14:28:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004704470"},"modified":"2024-03-01T06:28:20","modified_gmt":"2024-03-01T14:28:20","slug":"lovett-jv-buys-richmond-area-industrial-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lovett-jv-buys-richmond-area-industrial-park\/","title":{"rendered":"Lovett JV Buys Richmond-Area Industrial Park"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a39ed0a4f747&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"837\" height=\"628\" data-attachment-id=\"1004704472\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lovett-jv-buys-richmond-area-industrial-park\/diamond-hill-distribution-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Diamond-Hill-Distribution-Center.jpg\" data-orig-size=\"837,628\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Diamond Hill Distribution Center\" data-image-description=\"&lt;p&gt;The industrial campus at 1910-1920 Campostella Road, 2115 Portlock Road and 1960 Diamond Hill Road in Chesapeake, Va.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Diamond Hill Distribution features activatable rail spurs and rail doors. Image courtesy of Lovett Industrial&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Diamond-Hill-Distribution-Center.jpg?w=837\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Diamond-Hill-Distribution-Center.jpg\" alt=\"The industrial campus in Chesapeake, Va.\" class=\"wp-image-1004704472\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Diamond-Hill-Distribution-Center.jpg 837w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Diamond-Hill-Distribution-Center.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Diamond-Hill-Distribution-Center.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 837px) 100vw, 837px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Diamond Hill Distribution features activatable rail spurs and rail doors. <em>Image courtesy of Lovett Industrial<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A partnership between <strong>Lovett Industrial<\/strong> and an affiliate of <strong>Heitman LLC <\/strong>has acquired Diamond Hill Distribution Center, an approximately 720,000-square-foot industrial park in Chesapeake, Va., a Richmond-Hampton Roads submarket. <strong>Link Logistics<\/strong> was the seller, according to CommercialEdge information.<\/p>\n\n\n\n<p><strong>Cushman &amp; Wakefield<\/strong> brokered the transaction and secured an acquisition loan from <strong>Voya Financial<\/strong>. <strong>Harvey Lindsey Commercial Real Estate<\/strong> 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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial-momentum-hits-the-brakes-commercialedge\/\">Industrial Momentum Slows Down<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Harvey Lindsey Commercial Real Estate Senior Vice President Charles Dickinson will conduct the leasing efforts. Cushman &amp; Wakefield Vice Chair John Alascio secured the loan. Last year, Alascio was part of the group that arranged a <a href=\"https:\/\/www.commercialsearch.com\/news\/j-p-morgan-lands-refinancing-for-1-msf-industrial-asset\/\">$45 million floating rate loan<\/a> for the refinancing of a 1 million-square-foot building in Tobyhanna, Pa.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-lovett-s-industrial-pipeline\">Lovett\u2019s industrial pipeline<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/lovett-pccp-break-ground-on-houston-area-industrial-park\/\">two-building project<\/a> is being developed on some 38 acres.<\/p>\n\n\n\n<p>In December, the firm, in partnership with Rosewood Property Co., announced plans to develop Addison Innovation Center, a two-building, 242,062-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/lovett-rosewood-to-develop-dfw-industrial-complex\/\">industrial park<\/a> in Addison, Texas. The campus represents Lovett\u2019s sixth development in the Metroplex.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The campus consists of four fully leased buildings.<\/p>\n","protected":false},"author":3355,"featured_media":1004704472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,11,21742,36153],"tags":[32799,33276,51531,51738,41033],"class_list":["post-1004704470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-midatlantic","category-latest","category-richmond-hampton-roads","tag-cushman-wakefield","tag-heitman","tag-link-logistics","tag-lovett-industrial","tag-voya-financial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lovett JV Buys Richmond-Area Industrial Park - 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