X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NORFOLK, VA-First Potomac Realty Trust is adding an additional 100,000 sf to its class A office/warehouse facility at Bay Warehouse in Chesapeake’s Cavalier Industrial Park. When the addition delivers in October, the Bay Warehouse will total approximately 400,000 sf.

According to Worth Remick, vice president of CB Richard Ellis in Norfolk, there are no significant prelease commitments at this point. Remick, together with Ashton Williamson, first vice president of CBRE, are handing leasing for the building, which is located at 1400 Cavalier Blvd.

“Part of the expansion strategy is to provide additional space to the existing tenants if they want it,” Remick tells GlobeSt.com. The facility has maintained near fully occupancy for the last four years, he says.

Remick did not know what the development costs of the addition would be. He says First Potomac had intended to build the addition when it first acquired the facility in May 2005.

“Our Bay Warehouse properties have always been a consistent-performing asset,” says Tony Beck, regional vice president of First Potomac, in a statement.

Rents in the building have steadily increased over the years an approximate 40% from 2000 to 2007. Asking rates will be $5.25 per sf on a triple net basis, according to Remick.

Bay Warehouse has a private Norfolk Southern Rail spur and is very close to the Portsmouth Marine Terminal, Norfolk International Terminal, Newport News Marine Terminal and AP Moller’s new private terminal in Portsmouth.

According to CBRE executives, the new addition at Bay Warehouse will be built on a steel frame and will be fully insulated. It will have dock, drive-in and rail-door loading, a clear height of 25 feet to 32 feet, column spacing of approximately 50 feet by 53 feet 4 inches, a dry sprinkler system throughout and more. Space in the addition will be divisible to 20,000 sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.