Richmond, VA – November 14, 2003 — Devon USA, a leading developer of warehouse, distribution and light manufacturing facilities in the Mid-Atlantic area, announced today that it has commenced development of 1,030,000 sq. ft. of high-bay warehouse and distribution space at the Enterchange at Northlake project in Hanover County, Virginia.
Construction of the project will be phased, with the first building of 215,000 sq. ft. to be completed by Fall 2004. The project will ultimately include four buildings that range in size from 215,000 SF to 300,000 SF. The state-of-the-art, Class A distribution facilities will feature insulated pre-cast concrete panels, ESFR (Early Suppression Fast Response) “wet” sprinkler systems, 32 feet clear ceiling heights, numerous dock doors, and abundant automobile and trailer parking.
Enterchange at Northlake represents a significant new investment for Hanover County. “We are pleased that Devon USA selected this site in Hanover,” said Tim Ernst Vice Chairman of Hanover County board of Supervisors. “Devon’s reputation as a quality developer and their ability to start large buildings without pre-leasing will be valuable tools in attracting regional and national businesses to the county. Enterchange at Northlake also represents an additional option for Hanover businesses that desire to relocate or expand into first class space in our local market,” Ernst said.
Marc Weiss, Director of Economic Development for Hanover County, also welcomes the shell buildings under construction by Devon. “The addition of this type of quality commercial speculative space will create a boon for Hanover County and our economic development program,” said Weiss. “More companies and consultants are telling us that they prefer to make investments in communities that have existing buildings which will save them the time and costs associated with the site plan and construction process.”
Weiss also noted, “Hanover’s access to competitive labor markets, and our strategic location within the Metro area and the East Coast make us a natural choice for distribution and logistics activities. From Hanover, companies shipping goods by truck can reach more than half of the U.S. population within two days.”
Enterchange at Northlake is located within 1⁄2 mile of Interstate 95, providing direct access to points north and south; and is within 5 miles of Interstate 295 providing access to points east and west. The location is also within 25 miles of the Port of Richmond and 105 miles of the Port of Virginia at Hampton Roads.
Devon USA (www.devonusa.com) owns and manages a diverse portfolio of commercial properties in Virginia and North Carolina, including office, retail, and warehouse/distribution facilities. Since 2000, Devon USA has developed 2,000,000 sq. ft. of warehouse and distribution space in Central Virginia, including an 813,000 sq. ft. build-to-suit for DuPont de Nemours & Co. that was completed in 2002.
The company was awarded “2002 Project of the Year” by the Greater Richmond Association of Commercial Real Estate (GRACRE) for the James River Logistics Center and was named the “Developer of the Year” in 2000 by the Chesterfield County Board of Supervisors for the Enterchange at Walthall project.