Industrial Realty Group expands with major acquisition in Norfolk

Industrial Realty Group, LLC, one of the largest players in the commercial and industrial property sector, has made headlines with its latest acquisition. The company has secured a sprawling 298,126 square foot warehouse facility located at 3321 Princess Anne Road in Norfolk, Virginia. This acquisition underscores Industrial Realty Group’s strategic push to bolster its presence in key markets, particularly around the Port of Virginia.

Strategic Positioning in Norfolk’s Industrial Hub

The newly acquired warehouse facility stands out for its prime location within 23 miles of major ports including Norfolk International Terminals, Virginia International Gateway, and Newport News Marine Terminal. This positioning is crucial for supporting tenants’ logistical and operational needs. The site, recently renovated, is situated within an Enterprise Zone and boasts significant access to heavy power, enhancing its appeal to businesses requiring robust infrastructure.

Current and Future Utilisation

The property is currently occupied by LION Power and Beckett Corporation, with 193,792 square feet still available for lease. Stephanie Sanker, CCIM, SIOR, Senior Vice President and Partner at S.L. Nusbaum Realty Co., facilitated the acquisition. S.L. Nusbaum Realty Co. will also manage leasing for the unoccupied space. This move is part of Industrial Realty Group’s broader strategy to expand its portfolio, which includes recent build-to-suit projects for companies such as Unis and RoadOne in Suffolk and Portsmouth.

Expert Insights on the Acquisition

Stuart Lichter, President of Industrial Realty Group, expressed enthusiasm about the acquisition, highlighting its strategic value. Lichter noted, “We are excited to continue to grow our portfolio in the Norfolk market. The property is extremely well-positioned within the Port of Virginia area, which supports our tenants’ needs.” His statement reflects the company’s commitment to enhancing its operational footprint in high-demand regions.

Company Background and Market Impact

Industrial Realty Group is a nationwide leader in the acquisition, development, and management of commercial and industrial real estate. With a portfolio exceeding 150 properties across 28 states and more than 100 million square feet of rentable space, IRG is renowned for its expertise in adaptive reuse and solving complex real estate challenges.

S.L. Nusbaum Realty Co., headquartered in Norfolk, Virginia, has been a prominent force in commercial real estate since 1906. The company offers a range of services including commercial sales, leasing advisory, property management, and development across the Southeast and Mid-Atlantic regions.