InLight Real Estate Partners Norfolk, VA Greenmount Logistics Center Update
34-acre 373,536 SF project to deliver Quarter 4 2023
Ponte Vedra Beach, FL – InLight Real Estate Partners is pleased to announce its first development in the Hampton Roads region, Greenmount Logistics Center. The project sits on 34 acres near the Port of Virginia, one of the Western hemisphere’s most technologically advanced port operations. The industrial facility is designed as a rear-load facility and is estimated to be delivered in late 2023.
Located in James City County (Williamsburg), VA, the site sits across Greenmount Pkwy from Walmart’s 2-building mega-campus, totaling approximately 3 million square feet. Greenmount Logistics Center measures 373,536 SF and comes ready-made for local and regional shippers and freight companies, including 2,300 SF of spec office space, 32-foot clear height, 74 dock doors, 2 drive-in doors, and 330 automotive parking spaces. Designed with modern trailer parking requirements in mind, this project will accommodate an additional 109 trailer parks, equating to a truck parking to dock door ratio of 1.47, well above the modern standard. Upon completion, the building will offer unique leasing flexibility, as it could serve as a regional hub for one large tenant or be demised to o cater to a variety of smaller tenants.
“We couldn’t be happier to have our first development project in the Norfolk/Hampton Roads area,” said Barton Hunter, Senior Vice President of the InLight Real Estate Partners. “The Port of Virginia is destined for continued success behind the leadership of Stephen Edwards. The story of the Port directly aligns with our investment thesis as we continue to develop and invest in Port related infrastructure and the re-routing of cargo from the west coast to the east coast.”
Greenmount Logistic Center is located on the Hampton Roads Peninsula, between the Port’s main container terminals and the densely populated region of Washington DC, Richmond and Baltimore. The site’s advantageous location offers direct access to three separate exits on I-64, with the closest exit being a 3-minute drive from the site. With the recently completed I-64 lane widening project and the under-construction Hampton Roads Bridge-Tunnel expansion, all four active Port of Virginia Terminals are located within 24-39 minutes of the Greenmount facility.
InLight believes in the growth of the Port of Virginia and the Norfolk/Hampton Roads market. Being recognized as one of the top ports on the East Coast, the 4 active Port of Virginia facilities will continue to increase in volume as the state continues to invest in future infrastructure. The peninsula has quickly attracted tenant demand due to the lack of industrial land in the Norfolk/Chesapeake/Suffolk markets and its advantageous proximity to all four port terminals, I-64, and I-95.
Greenmount is a strategic fit within InLight’s core investment strategy of working in strong labor markets with close proximity to ports. Between 2015 and 2025, the Port of Virginia will have invested more than $2 billion to create one of the Western hemisphere’s most modern and technologically advanced port complexes. Today, Virginia is home to a 21st-century port that employs technology across all areas of its operation, which generates critical data to drive industrial market demand. The result is an increasing number of ocean carriers and large cargo owners that are taking advantage of all that this port offers: a highly efficient operation, a predictable experience for the movement of imports and exports, and data-supported decision-making that benefits all users of the Port of Virginia.