Devon Plans 506,000-SF Expansion in Central Virginia

The three new class A warehouse and distribution buildings will be speculatively built at an estimated $30 per-sf hard construction cost with no preleasing, Edward D. Mitchell, Devon's vice president, says in a prepared statement.

The pads for two of the buildings totaling 219,000 sf have been completed and steel erection is scheduled for Aug. 15. Occupancy is slated for March 2003. Site work for the third 287,000-sf building will begin in July with steel erection scheduled for Oct. 15. Occupancy is tentatively set for July 2003.

Projected rents are $4.50 per sf to $4.75 per sf, triple net. Existing tenants are USF Logistics, Antioch Co., InPeake Packaging, Kane 3PL, Bloom Brothers Furniture and TechnoBrands. Enterchange is a half mile from Interstate 95.

The park has 32-foot clear ceiling heights, cross-docking, ESFR wet sprinkler systems and extensive trailer parking on site. Dawn Calabrese and Evan Magrill at Insignia-Thalhimer are handling leasing.

In the prepared statement, Jim Dunn, director of Chesterfield County's Economic Development Department, calls Devon's investment "a valuable recruiting tool for Chesterfield, attracting six new companies to the area and creating more than 200 new jobs." Dunn says Central Virginia is an ideal Southeast location for warehouse, distribution and light manufacturing activities.

Devon owns/manages a mix of commercial assets in North Carolina and Virginia. The company specializes in build-to-suit ventures and has 813,000 sf under construction.