DEARBORN, Mich. -

Ford said its Norfolk Assembly Plant property has been sold. The buyer of the plant in Norfolk, Va., is Jacoby Development out of Atlanta.

Under the deal, Jacoby has sold part of the plant to global logistics provider Katoen Natie. The Belgium-based company is pumping $12 million into creating a new warehousing and distribution operation there.

Basically, KTN is spending $10.5 million to buy part of the facility and revamp what used to be the body shop, and then is putting $1.5 million more toward buying new equipment.

Officials anticipate there will be 225 new jobs coming out of the project.

Ford, which did not share the transaction’s terms, said it collaborated with the city and state to make sure that the plant was going to be put toward its “best use.”

The automaker stressed that the facility is “the largest privately owned, industrial-zoned, contiguous property in Norfolk.” It was shut down back in 2007.

Norfolk Assembly was the home for some of Ford’s most iconic models, such as the Model T and the F-150.

“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 chief executive officer of Ford Land.

KTN, meanwhile, included the city, state, the Hampton Roads Economic Development and the Virginia Port Authority in helping it chose the site for its project.

Norfolk Mayor Paul Fraim offered his take, noting: “We have appreciated our long relationship with Ford Motor Co. and look forward to working closely with Jacoby Development.

“On behalf of myself and the entire City Council, I welcome KTN to our Norfolk business family. In these challenging times, we are grateful not only for their investment in the city, but particularly thankful for the value added jobs they will create,” he added.

From the perspective of KTN, Frank Vingerhoets, president of KTN’s North America subsidiary, said the site was picked “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.”

Moving along, the KTN got some financial help from the state which aided KTN via the Virginia Enterprise Zone Program and Virginia Jobs Investment programs.

“It is gratifying to see the former Ford Assembly Plant being brought back to life,” said Gov. Bob McDonnell. “We appreciate all of the care and consideration that was given to ensuring that this important property landed in the right hands.

“In addition to creating 225 new jobs for the commonwealth, the company will further enhance port operations with the addition of this waterfront facility,” McDonnell continued. “We are pleased to provide support to KTN and we welcome the company to Virginia.”