New Industrial Real Estate Investment Offering For 3 Properties In Norfolk Virginia – Benzinga
A private market investment offering is now available for three industrial buildings located in Norfolk Commerce Park in Norfolk, Virginia. The offering is being by Heritage Capital Group, a family-owned real estate investment, development and management company.
The three-building industrial complex includes warehouse and office spaces with 54 docking doors. Classified as a Core Real Estate Opportunity, the complex has lower deemed risk because of its relative stability, high occupancy and predictable cash flows.
Fortune 500 and General Services Administration companies account for 34% of the complex’s 25-tenant roster, while 13% of the property is leased to the Mid-Atlantic Maritime Academy. The remaining space will be leased to engineering, technology, transportation and logistics companies.
Located in an economic-diverse area with the world’s largest naval base and an international airport, the Norfolk industrial submarket is growing in demand because of the limited space available for industrial expansion. Only 24,000 square feet of industrial space has been proposed for the next two years, and none has been built with in the last two.
The Norfolk industrial submarket has a vacancy rate of 1.5% compared to the national average of 4.1%. The complex was purchased with a 94% occupancy rate. After the four-year holding period concludes, investors are expected to retrieve a targeted return between 13% to 15%.
The offering is available to accredited investors through the private markets investment platform Yieldstreet.
Heritage Capital Group was founded over 75 years ago and has a portfolio of 19 multifamily properties, industrial complexes and office buildings valued at more than $1.1 billion.
Of the 17 realized to-date investments across industrial, multifamily, office and retail assets, the company has generated a 2.4 times equity multiple and 28% net annualized return.
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Photo: Courtesy of Yieldstreet
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