Rockefeller Group and Matan Companies announced the creation of a joint venture agreement to build a 464,515 square-meter industrial and logistics facility in Suffolk, Virginia.
The new Port 460 Logistics Center is designated for heavy industrial, logistics, advanced manufacturing, life sciences, and warehousing purposes.
The first phase of the project has begun, with five buildings totalling 222,967 million square meters anticipated to be completed by 2025. JLL was chosen as the partnership's only leasing agency.
The project, which has direct access to the Port of Virginia, connects key population centres from the Midwest to the East Coast, serving 75% of the United States population in two days.
"With the overwhelming support of the Port of Virginia and public officials at all levels of state government, we are excited to move Port 460 Logistics Center into the next phase of the development process," added Karl Morris, senior managing director of Development for Matan Companies.
He further added, "We are also pleased to partner with a top-of-the-class industrial developer like Rockefeller Group, which brings a tremendous amount of talent and complementary experience to the table."
After a two-year process, Matan, who led the rezoning of the large site and will continue to handle future entitlements, received rezoning in October 2023. Through a process managed by JLL's DC Capital Markets team, the company identified Rockefeller Group as a potential development partner.
"Rockefeller Group has four decades of experience in U.S. industrial development, with a concentration in port-centric markets and inland distribution hubs,” commented Hilary Goldfarb, senior managing director and head of Development for Rockefeller Group in the Mid-Atlantic region.