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Invesco Real Estate has secured an $85 million acquisition loan for a 814,000-square-foot industrial facility in the Norfolk and Hampton Roads areas of Southeast Virginia.
Affinius Capital originated the loan. Scott Lewis and Matt Ballard of CBRE Dallas worked to arrange the financing on behalf of Invesco Real Estate.
The industrial property, located at 150 Judkins Court in Suffolk, Va., carries 36-foot high clearings, 82 loading doors, four drive-in doors and 704 automobile or trailer parking spaces.
Affinius Capital director Eric Cohen said that his firm was motivated to invest in the Norfolk site due to the city’s recent growth — the Hampton Roads, Virginia Beach and Norfolk metropolitan area has more than 1.7 million people, according to 2020 census data — and increasing demand at the area’s numerous industrial centers.
The sprawling Port of Virginia, a 26-mile-long network of four marine terminals in Hampton Roads, is bordered by Naval Station Norfolk, the largest naval base in the world, and one of NATO’s two strategic command headquarters.
“We continue to seek out opportunities to finance newly built, state-of-the-art industrial assets, which we believe are well positioned in the market, and we are thrilled to partner with Invesco Real Estate on another investment opportunity,” Cohen added in a statement.
The Port of Virginia is the economic anchor of an area that boasts the third-largest container port on the East Coast. More than 40 million customers surround the 250-mile radius of Hampton Roads and several federal agencies lease facilities near the port, including the Departments of Energy, Transportation and Commerce.
Huntington Ingalls Industries, the largest shipbuilding company in the world, is also headquartered in Hampton Roads.
Brian Pascus can be reached at bpascus@commercialobserver.com
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