Defense Dept. Building Brings in $12M

FAIRFAX COUNTY, VA-Interstate Plaza, a 110,000-sf industrial building with the address of 5775 General Washington Dr., has gotten a new owner in a recent $12 million deal. Elman Alexandria Associates LP sold the two-story facility to First Potomac Realty Trust. Developed in 1990, the property has a 2004 assessed value of $9.7 million and last changed hands in 2001 in a $10.5 million transaction.

Interstate Plaza occupies a six-acre parcel just outside the city of Alexandria within Fairfax County. The US Department of Defense is the sole tenant of the 100% leased building. The General Services Administration is committed to the space under a 15-year lease that is not scheduled to expire until December 2007. News of the property exchange comes from Transwestern Commercial Services, which handled the sale for the owner through its Transwestern Asset Investment Sales Group.