InLight Real Estate Partners Acquires Dynamic Logistics Facility in Hampton Roads

NORFOLK, Va. - May 22, 2024 - PRLog -- InLight Real Estate Partners has successfully closed on the value-add acquisition of Bridgeway Business Center in the port market of Norfolk.

Bridgeway Business Center is an approximately 707,000-square-foot warehousing and distribution facility situated on a 52.6-acre site, just 7.2 miles from the Port of Virginia's VIG container terminal. Property features include 59 dock doors, 13 drive-in doors and 14.3 acres of dedicated trailer storage. Bridgeway Business Center is 100 percent leased by a diverse mix of five high-quality tenants, including Huntington Ingalls Industries (HII), United Parcel Service (UPS), Coastal Logistics, Virginia Department of General Services and Dupré Logistics. Anchor tenant HII, the largest industrial employer in Virginia, has leased space at the property since 1997 to support its adjacent Newport News Shipbuilding operation, which has designed, constructed and repaired more than 800 ships for the U.S. Navy and other commercial customers since inception.

Strategically positioned in the growing Norfolk port market, the property's infill location benefits from full I-664 interchange access and immediate proximity to area demand drivers, including the Port of Virginia, Norfolk Southern and CSX intermodal terminals, numerous shipyards, Naval Station Norfolk and Norfolk International Airport. The region's central location and integrated transportation network of highways, railroads, airports and seaports provide direct, one-day access to more than 60 percent of the U.S. population—making it a key logistics hub.

InLight's decision to acquire Bridgeway Business Center was driven by the asset's secure cash flow and the opportunity to create substantial value through property improvements. Representing InLight's third project in the Norfolk MSA, the transaction was led by Partner Charles Margiotta with support from Associate Eric Fernandez and Analyst Jack Reddeck. InLight acquired the asset in a joint venture with a Connecticut-based institutional family office and obtained financing from lender Knighthead Funding.

"We are thrilled to acquire an asset that, for the last 27 years, has been home to HII, the largest Navy shipbuilder in the country. Our strong belief in the Port of Virginia and its continued growth adds to our excitement," said Margiotta. "Thank you to all of our partners on the deal and to Cushman & Wakefield for facilitating a smooth acquisition process."

About InLight Real Estate Partners

InLight Real Estate Partners (https://inlightre.com) is a full-service investment and development firm focused on industrial and logistics real estate across the Sun Belt, Midwest, East Coast and Gulf Coast markets.