Industrial Realty Group, LLC has announced to develop a state of the art distribution facility in Suffolk near the port of Virginia. Moreover, the development of this distribution facility is likely to add 100 new jobs.
227,000 square feet facility
Industrial Realty Group, LLC (IRG) is one of the largest industrial real estate developers within the United States. Previously, IRG purchased the 40-acre site in early June 2022. They will build 227,000 square feet of space for the new distribution center. The company paid $867,100 to buy the property from William Griffin to help expand the distribution center. Moreover, upon completion of distribution facility they will fully lease this to RoadOne Intermoda Logistics. RoadOne is a single source intermodal, distribution, and logistics services company with a national footprint. They are operating at 95 locations across United States and Canada. In addition, the company is operating several facilities across Virginia.
“This is our third build-to-suit site near the Port of Virginia, where we’ve witnessed the market’s aggressive demand for space in the past few years. We are committed to developing facilities to support the needs of the port and the companies who will drive job creation and further investment into the community.” Stuart Lichter, president of IRG said in statement.
100 new jobs
Furthermore, the development of this new distribution facility is expected to add 100 new jobs at IRG. However, the Industrial Realty Group did not disclose additional details on the project and the nature of the jobs they will offer.
Advantages to Virginia Port Authority
The development of this distribution will bring plenty of opportunities in the State. Therefore, the Virginia Port Authority also welcomed the investment. “Having companies the caliber of IRG and RoadOne in this market leveraging The Port of Virginia and its efficiency is a vote of confidence in the future of this port. he Port of Virginia is one of the fastest-growing and most technologically-advanced port complexes in the nation and we are investing $1.4 billion to continue our evolution. We’re excited to collaborate with IRG and RoadOne to support their growth and success.” Stephen A. Edwards, CEO and executive director of the Virginia Port Authority said in a statement.
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