Business Park Buildings Snapped Up Two at a Time

CHANTILLY, VA-Two buildings in the 188-acre Avion Business Park have become part of the portfolio of Advance Realty Group. The Bedminster, NJ-headquartered real estate developer and owner secured $23.7 million in financing to make Avion’s Midrise III and Midrise IV its own. LJ Melody orchestrated the acquisition loan package, which was provided by CIBC. Purchase of the two class A office facilities from Principal Real Estate Investors increases Advance Realty’s ownership at the sprawling multi-structure campus to nine buildings, having previously acquired seven structures in one shot in 2001. The newly acquired three-story buildings were developed in 2001 and 2003.

Both Midrise III and IV–located at 14550 and 14560 Avion Parkway, respectively, in the Dulles Corridor–account for approximately 71,500 sf each and are fully leased to Lockheed Martin and the US General Services Administration under long-term agreements.