Atlanta, GA-based MDH Partners has acquired the Chesapeake Industrial Park, a two-building, 182,000-square-foot industrial portfolio on Cook Boulevard in Chesapeake, VA, for $13.8 million. The project is 100% leased.

Chamie Burroughs and Ricky Anderson with Colliers represented the seller, while MDH Partners’ Joe DeHaven and Makenna Barbara served as the acquisition leads.

The transaction marks the company’s second VA purchase, behind the acquisition of AeroFarms Danville in Danville in May.

“In an uncertain capital markets environment, we are being very selective about our acquisition criteria, but liked this opportunity given the low basis and below-market rents,” said DeHaven. “Additionally, the Norfolk industrial market has less than a 2% vacancy rate with limited new supply in the pipeline, and we are confident we can increase yields in the near-term.”

Chesapeake Industrial Park portfolio Building One and Building Two. Each is approximately 90,000 square feet and features clear heights of 30 feet and 23 dock-high doors.