Suffolk projects recognized

Published 9:38 pm Wednesday, March 14, 2012

Five economic development projects in Suffolk recently received recognition at the 2011 Hampton Roads Association for Commercial Real Estate Deals of the Year program. This annual program recognizes the most significant commercial real estate transactions throughout the Hampton Roads region.

The transactions recognized included two projects at the intermodal center being constructed by CenterPoint Properties on Holland Road. Along with a North Suffolk property, they swept the Industrial Lease category at the awards program.

Five economic development projects in the city recently were recognized as Deals of the Year, including two at the CenterPoint intermodal park.

The two other awards were related to the repurposing of buildings at the former U.S. Joint Forces Command site to make way for the U.S. Navy Cyber Forces Command.

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The economic development projects recognized in Suffolk included:

Office Sale — Gold Winner

Lake View Technology Center I — The 115,783-square-foot building was sold to Salus Government Properties for $22.5 million. The sale was finalized upon a new lease with the U.S. Navy Cyber Forces Command via the General Services Administration. The U.S. Navy Cyber Forces Command is expected to relocate some 1,400 personnel to the Lake View Technology Campus in late spring.


Office Multi-Story Lease — Silver Winner

Lake View Technology Center I — Finalized lease of the 115,783-square-foot building to the U.S. Navy Cyber Forces Command via the General Services Administration.


Industrial Lease — Gold Winner

Navy Exchange Command — The 350,000-square-foot distribution center will be leased to the Navy Exchange Command. The building, located within the CenterPoint Intermodal Center, will consolidate two older warehouses in other localities used by the command. The center will feature a sophisticated material handling system with complex racking and conveyer mechanisms to handle goods and services.


Industrial Lease — Silver Winner

Ace Hardware Corporation — This 336,960-square-foot industrial lease will be the new East Coast import re-distribution center for Ace Hardware Corp. This new center relocates an existing operation on the West Coast in anticipation of Ace’s ability to bring more products through a wider Panama Canal in 2014.


Industrial Lease — Bronze Winner

Bridgeway Commerce Center II — The 126,000-square-foot warehouse building in Harbour View will be the new home to Dana Holding Corporation, an automotive parts distributor, currently located within the Bridgeway Commerce Center complex. The construction of this new building is Liberty Property Trust’s third building at this development.