ProLogis Plans 2M-SF Industrial Development

SUFFOLK, VA-ProLogis is planning to develop 2.1 million sf of class A, high-bay warehouse buildings in the Northgate Commerce Park here. The company has just acquired 83 acres of industrially zoned land for $4.2 million in commercial real estate development as the first step. Specifically, it acquired 14 acres from the City of Suffolk Economic Development Authority and 69 acres from Upton Farms. CB Richard Ellis’ Lang Williams and H. Ashton Williamson represented ProLogis in the transaction. Charles Dickinson with Harvey Lindsay represented Upton Farms.

Northgate Commerce Park is less than eight miles from the new APM Terminals Virginia facility in Portsmouth, and the increased traffic was one of the reasons ProLogis’ decided to develop here, Williams tells GlobeSt.com. “It is part of the company’s overall strategy of going to the port markets.”

Six buildings are planned for full build-out, he says, although that mix could change if the company is contracted for a build-to-suit facility. ProLogis will start the site work for the first two buildings within the next 30 days, Williams says. The two buildings will be 150,000 sf and 490,000 sf, with the option to expand to 770,000 sf, if necessary.

Ground will break on the project in December and the first two buildings, being developed on spec, will deliver mid-next year, Williams says. ProLogis did not return calls in time for deadline.