Deal Profile / Business Plan
A three-building, 92,503-square-foot shallow-bay industrial/flex park at 1244 Executive Boulevard in the supply-constrained Bainbridge submarket of Chesapeake, Virginia. The park is 92% occupied by a diversified base of eighteen tenants — spanning industrial, technology, logistics, and service firms — with an average tenure of roughly nine years. Suite sizes ranging from approximately 1,850 to 10,900 square feet serve the local and regional businesses that drive demand for smaller shallow-bay space, a size range rarely delivered by new construction at today’s development costs. Bainbridge fundamentals are exceptional: vacancy has held below 4% for the past decade, and a muted supply pipeline, combined with the property’s infill location, supports durable demand, rent growth, and long-term value.
Commonwealth has served as the third-party property manager since August 2024, giving the team intimate knowledge of the tenant base, building condition, and deferred maintenance well ahead of ownership. Commonwealth is executing a mark-to-market value-add plan built on the meaningful gap between in-place and market rents, with a substantial share of the rentable area rolling during the hold period and the opportunity to re-lease expiring space at premium rents. Leveraging its Hampton Roads leasing platform and a targeted capital-improvement program, Commonwealth aims to capture that embedded upside and drive the park to stabilization as a fully re-tenanted, cash-flowing asset in one of the nation’s tightest industrial markets.
