Business Park Pulls in $40M

ALEXANDRIA, VA-Alexandria Corporate Park, a 280,000-sf office/warehouse/flex property, has found a new owner with First Potomac Realty Trust’s acquisition of the property from Pennsylvania’s Preferred Real Estate Investments in a $40 million transaction. Carrying the address of 6315 Bren Mar Dr. along the I-395 corridor in the city’s Springfield/Newington submarket, the two-story, forty-year-old business structure was recently revived by a $4.5 million modernization project. As per Fairfax Count records, the property’s value as of January 2003 is listed at nearly $16 million.

At the time of the sale, Alexandria Corporate Park was leased to 68% capacity to a long list of diverse tenants. Based on the aforementioned level of occupancy, the property is expected to yield an estimated $3.5 million in net operating income in 2004. The US General Services Administration is the largest tenant at the property with 60,000 sf leased to house the Central Training Facility and West Regional Office of the government’s Federal Protective Service. GSA signed the 10-year occupancy agreement about a year ago.