Chesapeake Waterfront Property Changes Hands

A large industrial property in Chesapeake has recently changed hands. Hampton Roads Integrated Bioenergy Complex has purchased the former Nova Chemical Plant for an undisclosed price.

A large industrial property in Chesapeake is under new ownership. Hampton Roads Integrated Bioenergy Complex has purchased the former Nova Chemical Plant for an undisclosed price.

The industrial waterfront facility was constructed in 1974 on 64 acres at 5100 Bainbridge Blvd. The property offers more than 210,000 square feet of office and industrial space, plus deep water access and extensive rail siding.

According to PropertyShark, the property last traded in 2008, when 5100 Bainbridge Holdings L.L.C. purchased it from Nova Chemicals Inc. for $6.5 million. The real estate website estimates the value of 5100 Bainbridge at $11.6 million. Christine Kaempfe and William Throne of Cushman & Wakefield | Thalhimer represented the seller in the transaction.

In its latest market report, CBRE Group Inc. said that 2014 was the best year for net absorption in the Hampton Roads industrial market since 2006. The market absorbed 445,828 square feet in the fourth quarter, making it the seventh consecutive quarter of positive absorption. Vacancy has decreased during this streak to 7.4 percent, while the average asking rent has reached $4.64 per square foot. Declining vacancy and availability and steady demand are expected to nudge rents up this year.

Photo credit: Cushman & Wakefield | Thalhimer