{"id":1004727890,"date":"2024-09-05T02:06:33","date_gmt":"2024-09-05T10:06:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004727890"},"modified":"2024-09-05T07:09:15","modified_gmt":"2024-09-05T15:09:15","slug":"rockefeller-group-jv-breaks-ground-on-5-msf-virginia-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rockefeller-group-jv-breaks-ground-on-5-msf-virginia-campus\/","title":{"rendered":"Rockefeller Group JV Breaks Ground on 5 MSF Virginia Campus"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Port-460-Logistics-Center.jpg\"><img decoding=\"async\" data-attachment-id=\"1004690838\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rockefeller-group-matan-cos-to-develop-5-msf-logistics-project\/port-460-logistics-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Port-460-Logistics-Center-e1725525637299.jpg\" data-orig-size=\"799,599\" 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=\"Port 460 Logistics Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Port 460 Logistics Center will rise on more than 500 acres in the Hampton Roads metro area. Image courtesy of Rockefeller Group&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Port-460-Logistics-Center-e1725525637299.jpg?w=799\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/Port-460-Logistics-Center.jpg\" alt=\"Port 460 Logistics Center will rise on more than 500 acres in the Hampton Roads metro area\" class=\"wp-image-1004690838\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">Port 460 Logistics Center is being constructed in two phases, with the first one expected to measure about 2.4 million square feet. <em>Image courtesy of Rockefeller Group<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture of Rockefeller Group, Matan Cos, Mitsubishi Estate New York, Chuo Nittochi and Taisei&nbsp;USA&nbsp;LLC has started construction on the first phase of Port 460 Logistics Center in Suffolk, Va. Upon completion, the property will comprise about 5 million square feet.<\/p>\n\n\n\n<p>JLL Managing Director Gregg Christoffersen and Senior Vice President Kristopher Kennedy are handling the leasing efforts.<\/p>\n\n\n\n<p>The first phase of the 540-acre campus will consist of 2.4 million square feet across five separate structures. The second phase is expected to comprise four buildings totaling 2.6 million square feet.<\/p>\n\n\n\n<p>The first two buildings measuring 500,000 square feet, together with the development\u2019s infrastructure, are slated for completion next year. The first stage&#8217;s costs will rise to about $330 million, according to <em>WTKR<\/em>. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-deliveries\/\">Top 5 Markets for Industrial Deliveries<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The nine facilities will range from 250,000 to more than 1 million square feet and will include truck terminals. The buildings will be able to accommodate manufacturing, life science and logistics, port operations and warehousing uses.<\/p>\n\n\n\n<p>In June, Governor Glenn Youngkin directed the Commonwealth Transportation Board to allocate $30.1 million from the state\u2019s Transportation Partnership Opportunity Fund for the Route 460 Improvement Program, which will also benefit the underway campus.<\/p>\n\n\n\n<p>Additionally, the Virginia Business Ready Sites Program awarded $126 million to several sites across the Commonwealth, including Port 460 Logistics Center. Upon completion, the project is expected to generate more than 9,000 jobs.<\/p>\n\n\n\n<p>The campus at 2925 Pruden Blvd. will provide direct access to the Port of Virginia, located some 22 miles away. Downtown Richmond, Va., is roughly 79 miles from the site.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-port-460-s-first-phase-up-close\">Port 460\u2019s first phase, up close<\/h2>\n\n\n\n<p>The cross-dock Building 1 within Port 460 will measure 344,100 square feet and feature 100 dock-high loading doors, 198 trailer stalls, a 140-foot truck court and about 170 vehicle parking spots. The 242,000-square-foot, rear-load Building 2 will have 56 dock doors and 156 trailer spaces, 240 car spots and a 135-foot truck court.<\/p>\n\n\n\n<p>Additionally, both facilities will have 36-foot clear heights. The other three structures will provide cross-docking services and range between 344,100 and more than 1 million square feet. These are expected to come online by the first half of 2026.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-port-of-virginia-poised-for-growth\">The Port of Virginia, poised for growth<\/h2>\n\n\n\n<p>The Port of Virginia is currently undergoing several infrastructure expansions set to attract new investors and further enhance the state\u2019s economy. The Virginia Port Authority secured $1.4 billion through the Gateway Investment Program to support canal dredging, widening and upgrades to equipment and technology.<\/p>\n\n\n\n<p>Despite a cooling demand across <a href=\"https:\/\/www.commercialsearch.com\/news\/cracks-showing-in-port-industrial-markets\/\">port industrial markets<\/a>, the Port of Virginia is still a hotspot. In July, a joint venture between <a href=\"https:\/\/www.commercialsearch.com\/news\/turnbridge-equities-jv-starts-new-industrial-project-near-port-of-virginia\/\">Turnbridge Equities and Manekin LLC started work<\/a> on the 506,559-square-foot Hampton Logistics Center Campus in Hampton, Va. Expected for completion in the first half of next year, the project is 11 miles from the port.<\/p>\n\n\n\n<p>LS GreenLink USA is also active in the area with the <a href=\"https:\/\/www.commercialsearch.com\/news\/greenlink-to-develop-681m-subsea-cable-facility-near-port-of-virginia\/\">construction of a $681 million submarine power cable<\/a> <a href=\"https:\/\/www.commercialsearch.com\/news\/greenlink-to-develop-681m-subsea-cable-facility-near-port-of-virginia\/\">manufacturing facility<\/a> in Chesapeake, Va. The development marks the largest investment for the city and rises just 5 miles from the port.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To be delivered in two phases, the logistics development will cover more than 500 acres.<\/p>\n","protected":false},"author":3355,"featured_media":1004690838,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,11,21742],"tags":[32796,34082,40606,33348],"class_list":["post-1004727890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-midatlantic","category-latest","tag-jll","tag-matan-companies","tag-mitsubishi-estate","tag-the-rockefeller-group"],"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>Rockefeller Group JV Breaks Ground on 5 MSF Virginia Campus - 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