Atapco Properties acquires land along Enterprise Dr for $23.5 million

Published 1:47 pm Tuesday, May 28, 2024

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Atapco Properties, Inc. (Atapco) has acquired 124 acres of industrial land within the Virginia Port Logistics Park in Suffolk. The site, located at 2500 Enterprise Drive, can accommodate up to 1.5 million square feet, either in one large industrial building or multiple structures. According to land transfer reports, Atapco purchased the land for $23.5 million.

Patrick Coggins, President of Atapco Properties, expressed enthusiasm about entering the Hampton Roads industrial market in collaboration with JV Partner Ausblick Development. Coggins highlighted the appeal of Virginia’s business-friendly environment and the unique opportunities provided by the expanding Port of Virginia.

“Atapco Properties and our JV Partner, Ausblick Development, are excited to be entering the Hampton Roads industrial market,” said Coggins. “We’re looking forward to participating in Virginia’s strong business friendly economy and the unique business opportunities driven by the growing Port of Virgina.”

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Stephen Edwards, Executive Director and CEO of the Virginia Port Authority, expressed the Port’s support for Atapco Properties’ expansion. Edwards noted the continued record-setting growth at the Port of Virginia and the need for additional warehouse capacity to handle the increasing trade volume. He emphasized that customers would benefit from the new Class-A industrial facilities at the Virginia Port Logistics Park.

“The Port of Virginia is proud to support Atapco Properties and their growth into the Hampton Roads Market,” Edwards said. “We continue to experience record-setting growth at the Port of Virginia and additional warehouse capacity is needed to accommodate expanding trade volume. Our customers will benefit greatly from this new Class-A industrial product at the Virginia Port Logistics Park.”

Atapco Properties is a wholly owned subsidiary of American Trading and Production Corporation, founded in 1931 to consolidate, expand, and diversify the business activities of the Blaustein family, the founders of the American Oil Company (AMOCO). The company is active in Maryland, Indiana, New Jersey, North Carolina, Pennsylvania, and Virginia, developing industrial, retail, residential, office, and mixed-use projects with a focus on sustainability and green building standards.