Rockefeller Group and the Matan Companies have announced the formation of a joint venture partnership to develop a 5-million-square-foot industrial and logistics centre in Virginia.
The 500-acre Port 460 Logistics Centre is designated for heavy industrial, logistics, sophisticated manufacturing, life sciences, and warehousing purposes.
The first phase of the project is underway, with five buildings totalling 2.4 million square feet set to open in 2025. According to Port of Virginia, JLL was chosen as the partnership’s sole leasing agency.
The project, which has direct access to the Port of Virginia, connects key population centres from the Midwest to the East Coast, supplying 75 per cent of the US population in less than two days.
In total, Hampton Roads and the Port of Virginia are currently undergoing port and infrastructure improvement projects totalling approximately $16.3 billion.
Karl Morris, Senior Managing Director of Development for Matan Companies, said: “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.
“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 spearheaded 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 division, the company identified Rockefeller Group as a possible development partner.
Hilary Goldfarb, Senior Managing Director and Head of Development for Rockefeller Group in the Mid-Atlantic region, stated: “Rockefeller Group has four decades of experience in US industrial development, with a concentration in port centric markets and inland distribution hubs.
“With Port 460, we share a vision with Matan to bring a large-scale project to the market that is sufficient to match the economic growth we anticipate from the Port of Virginia’s ongoing investment in the region.”
Stephen A. Edwards, CEO and Executive Director, Virginia Port Authority, noted: “The Port of Virginia welcomes the Port 460 announcement, and the investment in our region from Matan and Rockefeller Group. The logistics centre is a great addition to the region as we continue to grow and enhance America’s most modern gateway.
“As the Port of Virginia continues to add capacity and improve service and efficiency, developments like this are essential to meet the demands of the supply chain industry, and to keep our port a location of choice for end users.”