Leading global commercial real estate services and investment management firm Colliers announces it has facilitated the sale of an industrial building in Chesapeake, Virginia to an institutional investor for $13.5 million. The Colliers Industrial Capital Markets team of Executive Vice President Michael Blunt and Senior Associate Clay Ellis, along with their colleague First Vice President Chamie Burroughs, provided industrial expertise and exclusive representation to the seller, a joint venture led by B&D Holdings.
Located at 3512 Business Center Drive, this is an infill, port intermodal centric, single-tenant, 70,000 square-foot warehouse distribution building. The property is 100% leased to United States Postal Service and serves a seasonal processing and distribution center for delivering mail nationally. The property’s extremely valuable building coverage of 16.5% creates approximately five acres of secured, outdoor storage, and trailer parking. Given the property is situated on 9.72 acres of land, there is also the potential to expand the building in the future, by an additional 70,000 square or more.
3512 Business Center Drive is strategically located in Chesapeake, providing immediate access to I-64, I-264, US-13 and US-460. The Port of Virginia, a centrally located, coastal deep-sea port with 2.5-hour proximity to open sea and a two-day drive distance to 75% of the U.S. population, is also only nine miles from the property.
“3512 Business Center Drive is a testament to how highly-functional industrial assets with rock-solid investment fundamentals will endure over the long-term, even in the midst of economic volatility,” said Michael Blunt, Executive Vice President, Colliers.
3512 Business Center Drive is part of the Cavalier Industrial Park, which had a 0.5% submarket vacancy rate and 0% vacancy rate in buildings offering industrial outdoor storage (IOS), when the property was on the market for sale. Thus, the property’s coveted M-1 zoning and large IOS area are very attractive to tenants. Built in 1998 and incredibly well-maintained, other building features include 29’-37’ clear, LED lighting in the warehouse, a 130’ secured truck court with concrete apron and full circulation, and a brand-new roof with a 15-year warranty.