Lovett Industrial, Heitman acquire industrial park in Chesapeake, Va.
Transactions - MARCH 1, 2024

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Lovett Industrial, Heitman acquire industrial park in Chesapeake, Va.

by Released

Lovett Industrial, in partnership with an affiliate of Chicago-based Heitman, has acquired an approximate 720,00-square-foot portfolio of industrial buildings in the urban core of Norfolk Va. Known as the Diamond Hill Distribution Center, the portfolio includes four buildings that are 100 percent leased at well below-market rates, in a submarket with high barriers to entry.

Located on Route 168 with adjacent access to Interstate 64 and I-464, Diamond Hill’s infill location not only allows quick access to the populations of Chesapeake, Norfolk and Virginia Beach, but also easy access to both NIT and VIG port terminals. The unique, infill location, and above-average building specifications enable the portfolio to cater to a diverse tenant base, including those needing a location to serve the last mile of the supply chain, along with port-oriented bulk storage and light manufacturing. All buildings have activatable rail spurs and rail doors in addition to suite sizes able to a

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