VIRGINIA BEACH, VIRGINIA: Cushman & Wakefield | Thalhimer’s Capital Markets Group has recently completed the sale of a single tenant, net leased distribution building in Virginia Beach, Virginia. The team represented the seller, Lingerfelt CommonWealth Partners, in the sale of 1537 Air Rail Drive, a 320,000 square foot Class A industrial building situated on +/- 18.39 acres, adjacent to Norfolk International Airport and Interstate 64.

Located just 15 miles from the Port of Virginia, the property is fully leased to national tenant World Distribution Services, an affiliate of The World Group. World Distribution Services is a leading provider of creative logistics solutions. With more than ten strategic warehousing locations across the United States, their expertise includes international and domestic warehousing, distribution services, as well as local and nationwide transportation services.  Their building at Air Rail Drive recently underwent over $6 million in renovations and improvements.

The purchaser, affiliated with Manchester Capital out of Charlottesville, Virginia acquired the asset on November 12, 2020. The sale price was $21,695,000.  Eric Robison, Senior Vice President at Cushman & Wakefield | Thalhimer led the brokerage team that handled the transaction. “Single tenant, industrial assets remain highly sought after by investors seeking yield in buildings leased to strong, high-growth companies like World Distribution Services,” comments Eric Robison of Thalhimer.  “In addition to the strength of the tenant and long lease term, the location of the property and health of the industrial market in Hampton Roads made this an attractive investment for they buyer.”