Panattoni Development Co. Inc. has broken ground on a 284,580-square-foot, Class A warehouse in the Virginia Regional Commerce Park in Suffolk.
The building is scheduled to be ready for occupancy next May, making the park the largest available Class A warehouse in the Port of Virginia region. The development will feature 32-foot clear-height ceilings, 55 dock doors, customized office space, an ESFR (Early Suppression Fast Response) sprinkler system and high-efficiency lighting.
Panattoni, based in Newport Beach, Calif., is a privately held commercial real estate development company specializing in industrial, office, and build-to-suit projects. The first building in the park at 5391 Virginia Regional Drive was completed in 2010, and is currently 100 percent leased to a tenants including Caspari, Sumitomo and Massimo Zanetti Beverage USA.
“Panattoni’s significant private investment in Suffolk reflects their long-term confidence in our industrial business market,” Suffolk Mayor Linda T. Johnson said in a statement. “Their vision to expand means Virginia Regional Commerce Park will continue to be an important driver of economic development and job creation.”
