Turnbridge Equities and Manekin Break Ground on Hampton Logistics Center, a 506,559 SF Class A Industrial Park at the Port of Virginia
09 Julio 2024 - 11:00AM
Business Wire
Manekin and Turnbridge Equities Raise $70
million of Construction Debt and Joint Venture Equity for the
Development of the Two-Building Industrial Park in Hampton,
Virginia
Turnbridge Equities (“Turnbridge”), a vertically integrated real
estate investment and development firm, announced that Turnbridge
and its co-development partner, Manekin LLC, a leading
Maryland-based real estate development firm (collectively, the
“Developer”), acquired the site and capitalized the construction of
Hampton Logistics Center (“HLC”) in Hampton, Virginia, adjacent to
the Port of Virginia. The transaction, which closed in May,
included a $43.75 million construction loan from Knighthead Funding
LLC and joint venture equity from Heitman LLC for the construction
of two Class A industrial warehouse buildings totaling 506,559
square feet.
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Hampton Logistics Center features two Class A warehouses of
230,874 square feet and 275,685 square feet that will be built
simultaneously. The two buildings, which are located on 31.95
acres, feature 36-foot clear height, 185-foot rear-load truck
courts, and 334 auto parking spaces. The buildings will be LEED
Gold certified, making them the first industrial warehouse
buildings to achieve such certification within the Hampton Roads
market.
HLC’s exceptional location places it less than 20 minutes from
the highly coveted Port of Virginia. The Port of Virginia is the
third largest port on the East Coast and the most efficient major
port in the United States, according to the Container Port
Performance Index. HLC is located just three (3) minutes from
Interstate 64, providing immediate access to the entire Hampton
Roads MSA, Interstate 95, and 75% of the U.S. population within a
two-day drive. The Port of Virginia is completing over $16 billion
of improvements that will increase the capacity and efficiency of
the Port of Virginia’s facilities as well as the highway, bridge,
and tunnel infrastructure serving them and HLC.
“We have spent many years looking for opportunities to develop
Class A industrial product around the Port of Virginia, and we’re
excited to be breaking ground on Hampton Logistics Center. The size
of each of the buildings will appeal to a range of tenants serving
both the port and local markets, and the project’s LEED Gold
certification will distinguish the quality of Hampton Logistics
Center,” commented Manekin Managing Director, John Graham.
In addition to being the third-largest commercial port on the
East Coast, the Hampton Roads market features the world’s largest
naval base, Norfolk Naval Station, Langley Air Force Base, Naval
Air Station Oceana, and multiple other defense facilities. The
region is home to one of the largest concentrations of defense
industry assets in the world and is consistently the recipient of
more than $20 billion per year in public sector spending on
Department of Defense and other public sector spending, which
enhances the industrial warehouse demand in the market.
“Hampton Logistics Center is positioned to capitalize on the
growth and investment of the Port of Virginia, as well as the
robust defense and last mile demand of the greater Hampton Roads
market. Given the high barriers to entry and resultant lack of new
infill supply, we believe that market dynamics will remain strong,”
commented Turnbridge Equities’ Managing Director, Jason Davis.
The site was purchased from the City of Hampton Economic
Development Authority. The JLL Capital Markets team of Chris Hew,
Rob Carey, Bill Prutting, Craig Childs, Josh McArdle, Pete
Pittroff, Dave Andrews, and Chris Dale represented the Developer in
raising both the debt and equity for the transaction.
Clearing of the site was completed in early 2023. Sitework is
now commencing with delivery of both buildings in mid-2025. HLC is
being leased by Gregg Christoffersen of JLL, and more information
can be found at https://www.hamptonlogisticscenter.com/.
About Turnbridge Equities:
Founded in 2015 by Andrew Joblon, Turnbridge Equities is a
vertically integrated, SEC-registered real estate investment and
development firm with a demonstrated track record of success across
a wide range of asset classes and markets. Turnbridge has nearly $4
billion of assets under management across two managed funds.
Turnbridge is headquartered in New York City with additional
offices in Washington D.C., Los Angeles, Austin, and Miami.
About Manekin LLC:
Manekin LLC is a privately held real estate development and
investment company. Founded in Baltimore by brothers Harold and
Bernard Manekin in 1946 and now headquartered in Columbia,
Maryland, Manekin's goal is to create significant value for
investors through a combination of strategic acquisition,
development, capitalization, repositioning, and management of
commercial real estate assets. Manekin is an experienced provider
of services that are focused upon maximizing real estate asset
value for our partners and co-investors.
About Heitman LLC:
Heitman is a global real estate investment management firm with
$50 billion in assets under management as of March 2024. Founded in
1966 and headquartered in Chicago, Heitman has 10 offices worldwide
and is an active participant in the global real estate property and
capital markets. Heitman makes real estate investments through
private equity, debt, and publicly-traded real estate
securities.
About Knighthead Funding LLC:
Knighthead Funding, LLC (http://www.knightheadfunding.com),
founded in 2013, is a national real estate finance company
specializing in loans for the acquisition, renovation, construction
and refinancing of commercial real estate across all asset classes.
Knighthead originates loans for its managed real estate debt
clients, Knighthead Annuity & Life Assurance Company and
certain of its affiliates and for certain funds managed by its
affiliate, Knighthead Capital Management, LLC, a New York-based
SEC-registered investment management firm.
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Mallory Miller mallory@turnbridgeeq.com