Heitman Acquires Industrial Asset in Norfolk, Virginia

CHICAGO--(BUSINESS WIRE)--Heitman LLC (“Heitman”), a global real estate investment management firm, today announced the acquisition of an industrial property in Norfolk, Virginia. The property consists of a warehouse building and spans more than 300,000 square feet. The asset has 36 loading positions, 32’ clear heights, ESFR sprinklers, and 149 car parking spaces with 75 trailer parking spots.

This transaction, undertaken on behalf of Heitman’s global core plus strategy, represents its first industrial acquisition in the United States and demonstrates the strategy’s continued focus on high-demand logistics and distribution hubs across the globe.

The property is in Norfolk, a strategic location well-suited for both regional and national distribution users and known for its growing labor pool. It is also proximate to the Port of Virginia, the third-largest port on the East Coast and home to the country’s largest naval base, Norfolk Naval Station.

“Given favorable demand drivers and the ability to access Class A facilities below replacement costs, we believe the U.S. industrial sector provides a compelling opportunity,” said Gordon Black, Senior Managing Director and Portfolio Manager for Heitman’s global core plus platform. “This property’s location, within Norfolk’s largest industrial submarket and near one of the nation’s largest port complexes, underscores our strategy of acquiring newly-built industrial assets in supply-constrained markets.”

ABOUT HEITMAN:

Heitman is a global real estate investment management firm with $49 billion in assets under management as of September 30, 2024. Founded in 1966 and headquartered in Chicago, Heitman has 10 offices worldwide and is an active participant in the global real estate property and capital markets. Heitman makes real estate investments through private equity, debt, and publicly-traded real estate securities.