Novaya Foxfield Buys 20 Acres of Land in Elizabethtown, PA to Develop 200,000 SF of Class A Industrial Space
August 7, 2019 – Novaya Foxfield Industrial (NFI), the Mid-Atlantic industrial arm of Novaya Real Estate Ventures, purchased 20 acres of land on Zeager Road in the Conwego Industrial Park. NFI is currently under construction, developing two industrial warehouses totaling 200,000 SF. The buildings will boast state of the art concrete panel construction, 32’ clear height, and ESFR sprinklers. The buildings are expected to deliver in Q4 2019 and are available for lease.
The 3.5 million SF Conewago Industrial Park includes institutional owners High Street, STAG, Exeter and Dermondy; while the list of large distribution tenants includes Sarnova, Western Marine, Nordstrom, TVH Parts and Grove Collaborative.
“This acquisition is Novaya’s first ground up industrial development in Pennsylvania. We are excited to increase our presence in the region after successful acquisitions in Mechanicsburg and Eddystone” – Jeffrey Theobald, Partner at Novaya Real Estate Ventures.
This acquisition represents NFI’s 13th acquisition in the Mid-Atlantic.
Jack Shepley at NAI CIR represented the Seller in the sale.
About Novaya Real Estate Ventures
Novaya Real Estate Ventures (www.novayaventures.com) was founded in 2011 by Jim Alden, Peter Carbone, Jeff Theobald and Scott Tully. To date, Novaya has transacted on over 9 million SF of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1B in partnership with several of the premier institutional and family office investors worldwide.
About Foxfield Industrial
Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures, is a real estate operating company focused on the acquisition and operation of industrial properties throughout the Mid-Atlantic and the Southeast United States. The partnership aims to provide compelling, absolute investment returns while maintaining a margin of safety.
Foxfield and its affiliates currently manage 2.7 million SF in existing assets and development projects with a combined value in excess of $180 million. In the past 2 years, they have acquired 15 properties.