The building is a newly constructed logistics facility called Bay Warehouses. The industrial property totals approximately 400,000 sf, after the company completed a 100,000-sf expansion in October 2007. "Totaling approximately 48,000 sf, these leases bring our occupancy level for our new Bay Warehouse building to 50%," says Tony Beck, First Potomac's regional vice president for Southern Virginia, in a prepared statement.
Ashton Williamson, Worth Remick and Lang Williams with CB Richard Ellis and Pat Mumey and Scott Wermers with Thalhimer Commercial worked on the transaction. A three-building complex, Cavalier Blvd. was originally built in 1969-1973. It is situated on 21 acres. First Potomac is one of the largest property owners in Chesapeake, VA.
Other recent deals inked by First Potomac include a 190,000-sf lease with a subsidiary of Iron Mountain, 750,000 sf with FedEx at 1920 Campostella Rd. in Chesapeake, VA., a 33,000-sf lease with Citicorp North America at 5301 Robin Hood Rd. in Norfolk Commerce Center II, and 76,000 sf—a full building—with Siemens at Ammendale Commerce Center property.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
