Morgan Stanley Buys Navy Support Yard in Virginia for $36M
The property is fully leased to Huntington Ingalls Industries, sole designer and builder of aircraft carriers for the U.S. Navy
By Nick Trombola October 8, 2025 4:35 pm
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Ahoy, Morgan Stanley!
A division of the global financial giant acquired a Virginia industrial property fully leased to the country’s largest military shipbuilder, Commercial Observer can first report.
An affiliate of Morgan Stanley Real Estate Investing (MSREI) paid $35.7 million for 350 & 360 Salters Creek Road, a two-building, 231,000-square-foot industrial complex in Hampton, Va., local property records show. Newport News-based W.M. Jordan Company developed the property, which it dubbed Harbor Commerce Center, in 2023.
The complex is fully leased to shipbuilder Huntington Ingalls Industries, which uses it as a warehousing and laydown yard to support the firm’s Newport News Shipbuilding division, the sole designer and builder of aircraft carriers for the U.S. Navy. The division is also one of just two builders of submarines for the Navy, alongside General Dynamics Electric Boat. The property is within 10 miles of all Port of Virginia terminals.
Newmark’s Will Bradley and Mark Williford represented the W.M. Jordan in the deal.
“[This sale] underscores both the strength of Hampton Roads and the resilience of industrial capital markets,” Bradley said in a statement. A spokesperson for MSREI did not immediately respond to a request for comment.
Although the data center market grabs most of Virginia’s industrial headlines, Morgan Stanley’s deal adds to other non-data center industrial property sales across the state this year. The Pinkard Group paid $38 million for a four-building portfolio in Fredericksburg in April, Prologis spent $77 million for a nearly 233,000-square-foot property in Chantilly in March, and Penzance picked up a two-property portfolio that same month in Manassas for $55 million.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
