Panattoni Breaks Ground on 284,580-Square-Foot Warehouse in Suffolk
Friday, October 28th 2016
Panattoni Development Co. Inc. has broken ground on a 284,580-square-foot, Class A warehouse in the Virginia Regional Commerce Park in Suffolk.
The building is scheduled to be ready for occupancy next May, making the park the largest available Class A warehouse in the Port of Virginia region. The development will feature 32-foot clear-height ceilings, 55 dock doors, customized office space, an ESFR (Early Suppression Fast Response) sprinkler system and high-efficiency lighting.
Panattoni, based in Newport Beach, Calif., is a privately held commercial real estate development company specializing in industrial, office, and build-to-suit projects. The first building in the park at 5391 Virginia Regional Drive was completed in 2010, and is currently 100 percent leased to a tenants including Caspari, Sumitomo and Massimo Zanetti Beverage USA.
“Panattoni’s significant private investment in Suffolk reflects their long-term confidence in our industrial business market,” Suffolk Mayor Linda T. Johnson said in a statement. “Their vision to expand means Virginia Regional Commerce Park will continue to be an important driver of economic development and job creation.”
Virginia Regional Commerce Park offers access to Routes 460 and 58, which lead directly to Interstates 95 and 85. In addition, the park is located minutes from the Port of Virginia terminals, which make the property attractive to port-related distribution and manufacturing uses.
“With little to no Class A warehouse space in all of Hampton Roads, we are excited to be taking on this project in such a prominent location to capitalize on demand tied to one of the leading container ports on the US East Coast,” William A. Hudgins, senior development manager at Panattoni, said in a statement.
John F. Reinhart, CEO and executive director of the Virginia Port Authority said in a statement that Panattoni’s investment “is well-positioned to capitalize on the expansion being undertaken at The Port of Virginia. As we expand our capacity and capability, the accompanying economic benefits — jobs, investment and taxable revenue — to the region and the state expand in parallel. We thank Panattoni for what we believe is a solid example of a company understanding the long-term prospects of the region, and we believe others will follow suit.”
CBRE|Hampton Roads brokers Worth Remick, Ashton Williamson and Lang Williams will handle leasing on the project.