#United States #Newport News #Phoenix Investors #Vitesco Technologies

Phoenix Investors Expands Its Horizons in Newport News, Virginia

In a strategic move to strengthen its footprint in the commercial real estate market, Phoenix Investors, a prominent national firm based in Milwaukee, has successfully acquired a substantial industrial property at 615 Bland Boulevard in Newport News, Virginia. The site spans approximately 378,331 square feet and encompasses a generous 27.4 acres, making it a crucial addition to a rapidly-constrained industrial area.

A Prime Location for Industrial Activities

The newly acquired property is strategically positioned adjacent to the Newport News/Williamsburg International Airport and lies merely a mile from the I-64 Jefferson Avenue interchange. Its location in proximity to Fort Eustis, Langley Air Force Base, Yorktown Naval Weapons Station, and Camp Peary situates it within a densely populated hub of defense, shipbuilding, and advanced manufacturing. This key positioning not only enhances operational efficiencies but also draws upon a highly skilled labor pool critical for potential tenants.

Previously managed by Continental's Vitesco Technologies division, the building, constructed in 1971, is particularly well-tailored for manufacturing purposes. The facility is equipped with essential features that modern manufacturers demand, including:

• - Fully climate-controlled environments throughout warehouse and office spaces.
• - An impressive 16,000 amps of 277/480-volt three-phase electrical service.
• - A sophisticated wet fire suppression system ensuring safety.
• - An extensive 6-inch water main with dedicated lines for fire suppression and irrigation.
• - Access to significant groundwater resources, allowing for up to 12 million gallons annually to remain compliant with cooling needs.

Comprehensive Plans for Improvement

To ensure that the property meets contemporary manufacturing requirements, Phoenix Investors is set to undertake a series of capital improvements. Plans include:

• - Reconfiguring the layout of the building to align with modern day operational workflows.
• - Upgrading building systems for enhanced functionality and energy efficiency.
• - Enhancing site amenities to support a diverse range of manufacturing and light industrial uses, ensuring it meets the future demands of tenants.

President of Phoenix Investors, Anthony Crivello, emphasized the significance of this acquisition in an industrial market characterized by limited availability, stating, "The combination of heavy power, a fully climate-controlled environment, significant excess land, and a location adjacent to the airport makes this facility exceptionally well-suited for manufacturing. We look forward to contributing positively to the Newport News community and its skilled workforce."

The Role of Newmark in the Acquisition

The transaction was facilitated by Grant Bates, the Executive Managing Director at Newmark, showcasing the ongoing collaboration between leading industry players in realizing strategic real estate objectives. Leasing inquiries are being managed by Luke Herder, Vice President of Acquisition and Leasing at Phoenix, who can be reached at (414) 244-9575 for prospective tenants looking to explore this unique opportunity.

About Phoenix Investors

As experts in the acquisition and renovation of former manufacturing facilities across the United States, Phoenix Investors holds a robust portfolio and is recognized as one of the nation's largest industrial real estate owners. Their commitment extends beyond real estate; they aim to revitalize communities through strategic investments, positively impacting the economic landscape.

Their portfolio spans approximately 88 million square feet across 27 states, providing corporations with a cost-effective infrastructure essential for meeting evolving operational needs. With this latest acquisition, Phoenix Investors reaffirms its dedication to fostering growth and sustainability in the regions they invest in.

For more information or to explore leasing options at the new facility, visit www.phoenixinvestors.com.