(March 18, 2011) DEARBORN, Mich. — Ford today announced the sale of the Norfolk Assembly Plant property in Norfolk, Va., to Atlanta-based Jacoby Development, Inc.

As part of the transaction, Jacoby, in turn, sold a portion of the 100-acre former Ford Plant to Belgium-based Katoen Natie (KTN), a global logistics provider which will invest $12 million to establish a new warehousing and distribution operation.

KTN will invest $10.5 million to purchase a portion of the former Ford Plant and refurbish the 662,000-square-foot former body shop. KTN will invest an additional $1.5 million in new equipment. The project is expected to create 225 new jobs.

Ford worked closely with the nity of Norfolk and Virginia to ensure the best use of the site — the largest privately owned, industrial-zoned, contiguous property in Norfolk. Ford did not disclose terms of the sale.

F-150s on assembly line
in Norfolk in 2007

Along with Jacoby, KTN worked with the City of Norfolk, the Commonwealth of Virginia, the Hampton Roads Economic Development Alliance, and the Virginia Port Authority in selecting the site.

“We are delighted we were able to engage all of the stakeholders — the City, Commonwealth and the Port – to select a buyer committed to delivering a viable and exciting development that we are confident will serve the community well,” said Donna Inch, Chairman and CEO, Ford Land.

Jim Jacoby, Chairman of Jacoby Development Inc. added, “This transaction that includes KTN’s investment leverages the site’s strategic location and provides what we are calling ‘The Virginia Renaissance Center’ with an economic anchor that allows us to turn our attention to the sort of renewable energy-related manufacturing that will take advantage of the area’s strong labor force.”

Frank Vingerhoets, President of KTN’s North America subsidiary, choose the location “due to its excellent proximity to the Port and its appeal in attracting new customers to KTN. We see the Hampton Roads region and our Norfolk division as having a very bright future.”

Norfolk Assembly opened in 1925 and some of Ford’s best-known vehicles, including the Model T and the F-150 pick up truck were built there. It closed in 2007.