Heitman LLC has recently acquired an industrial property in Norfolk, Virginia. The asset includes a warehouse building spanning over 300,000 square feet and features 36 loading positions, ESFR sprinklers, and ample parking with 149 car spaces and 75 trailer spots.
This marks Heitman’s first industrial acquisition in the United States. The property is strategically located in Norfolk, known for its growing labor force and ideal for regional or national distribution users. It is also conveniently close to the Port of Virginia – the third-largest port on the East Coast – as well as Norfolk Naval Station – home to the largest naval base in America.
Gordon Black, Senior Managing Director and Portfolio Manager for Heitman’s global core plus platform stated that “the U.S. industrial sector presents a compelling opportunity due to favorable demand drivers and access to Class A facilities at below replacement costs.” This particular property’s prime location within Norfolk’s largest industrial submarket near one of the nation’s busiest ports aligns with their strategy of acquiring newly-built assets in markets with limited supply.
