Green Courte Partners Expands Maritime Investment with Acquisition in Norfolk, Virginia

Green Courte Partners Expands Maritime Investment Portfolio

In a strategic move to bolster its maritime-focused investment portfolio, Green Courte Partners, LLC, a renowned private equity real estate investment firm, announced the acquisition of a prime industrial outdoor storage property located in Norfolk, Virginia. The acquisition was made through its sixth investment fund,
Green Courte Real Estate Partners VI, LLC, which targets niche real estate sectors for substantial returns.

The property, encompassing 28 acres, is situated at multiple addresses—1401, 1416, 1431, 1432, and 1448 Precon Drive—in Chesapeake, Virginia, adjacent to Norfolk within the greater Hampton Roads region. Notably, this area is recognized as one of the busiest port logistics hubs along the East Coast, providing significant advantages for maritime operations and logistics.

The acquired site possesses a 400-linear-foot marine bulkhead and direct rail access, complemented by approximately 165,000 square feet of industrial buildings. The structure plays a vital role in supporting the logistics and maritime sectors, enhancing operational efficiency. Noteworthy is the arrangement where the seller, Precon Marine Industries, Inc., a distinguished marine contractor founded in 1993, will lease back the marine bulkhead along with two buildings and a portion of the yard space, ensuring continuity in operations throughout the transition.

Jordan Kerger, Managing Director at Green Courte, expressed enthusiasm about the acquisition, stating, "With its unique waterfront location, direct rail access, and stable, long-term cash flow, this property aligns well with our IOS investment strategy. We are excited to establish a presence in this market and expand our national IOS platform."

The acquisition not only enhances Green Courte's position within the maritime sector but also contributes positively to its broader investment approach, which aims to build leading companies within specialized real estate sectors. The move anticipates generating attractive risk-adjusted returns and ensuring sustainable growth.

Doug Fuller, the seller's representative, praised Green Courte’s efficiency and expertise in facilitating the transaction. “We greatly valued Green Courte's ability to move quickly and efficiently to complete this transaction,” Fuller noted. He further acknowledged the firm's extensive knowledge of the industrial outdoor storage sector and the complexities required to operate within it, affirming confidence in Green Courte’s approach.

About Green Courte Partners, LLC

Green Courte Partners, LLC, headquartered in Chicago, is dedicated to real estate investment that prioritizes creating industry-leading companies within niche sectors. Active sectors include active-adult living, land-lease communities, industrial outdoor storage, and near-airport parking. With a disciplined approach to asset management and transaction execution, Green Courte aims for high-quality real estate assets that yield attractive returns over extended periods. For more information, visit their website.

With this acquisition in Norfolk, Green Courte Partners continues to assert its commitment to growth within the maritime industry, solidifying its role in the evolving logistics landscape.