INVESTMENT AND DEVELOPMENT OPPORTUNITIES
Westport offers speed-to-market capital investment and industrial development opportunities near Norfolk, VA, the dominant Mid-Atlantic seaport operated by the Virginia Port Authority (VPA). The timing for this offering is now. The Panama Canal expansion that will triple the size of vessels using this waterway will be completed by early 2016. Over half of the U.S. population lives east of the Mississippi River; and all-water transport through the Canal is an inexpensive way to bring household and commercial goods from Asia to East Coast destinations. Logistics consultants agree that this “sea change” will increase industrial development related to rising imports (and exports)
at East Coast ports.
Westport is a 247-acre, master planned park that is ready now for entrance parkway and building construction. At completion, the park will total 2,142,050 square feet of Class A distribution space and 150,000+- square feet of retail space along US-58. Two years have been spent finalizing necessary zoning, wetlands permitting, and related entitlements. Valuable time pursuing regulatory approvals at other green field locations can be better utilized at Westport pursuing build-to-suit and speculative leasing transactions. In addition, Westport lies within a designated Foreign Trade Zone service area allowing for quick user certification. It is approximately 28 miles and only 30 minutes from the heavily automated APM Terminal operated by VPA, the most efficient but only one of several maritime terminals at the Norfolk Harbor.
There are existing improvements at Westport also to accelerate development. Already installed are both the water tower and water line along the planned Westport Parkway right-of-way. Electrical power provided by Dominion Virginia also runs along this same route.
The owner, McDonald Development Company, based in Atlanta, GA, will consider offers for capital investment in this project with McDonald serving as developer; or the outright sale of the entire property in its current condition. The company is a major southeast industrial developer with active projects in Georgia, Florida, and Virginia. Since 1988, McDonald has developed more than 40 million square feet of real estate with a current value of $2 billion for its investors, clients, and tenants. Presently the company owns land for an additional 8 million square feet of space to be developed.
at East Coast ports.
Westport is a 247-acre, master planned park that is ready now for entrance parkway and building construction. At completion, the park will total 2,142,050 square feet of Class A distribution space and 150,000+- square feet of retail space along US-58. Two years have been spent finalizing necessary zoning, wetlands permitting, and related entitlements. Valuable time pursuing regulatory approvals at other green field locations can be better utilized at Westport pursuing build-to-suit and speculative leasing transactions. In addition, Westport lies within a designated Foreign Trade Zone service area allowing for quick user certification. It is approximately 28 miles and only 30 minutes from the heavily automated APM Terminal operated by VPA, the most efficient but only one of several maritime terminals at the Norfolk Harbor.
There are existing improvements at Westport also to accelerate development. Already installed are both the water tower and water line along the planned Westport Parkway right-of-way. Electrical power provided by Dominion Virginia also runs along this same route.
The owner, McDonald Development Company, based in Atlanta, GA, will consider offers for capital investment in this project with McDonald serving as developer; or the outright sale of the entire property in its current condition. The company is a major southeast industrial developer with active projects in Georgia, Florida, and Virginia. Since 1988, McDonald has developed more than 40 million square feet of real estate with a current value of $2 billion for its investors, clients, and tenants. Presently the company owns land for an additional 8 million square feet of space to be developed.