"We have targeted Northern Virginia as one of our key growth markets, and this acquisition will provide us with a strong foothold to increase our critical mass of properties and presence," says First Industrial regional director Mark McConnell. "All four buildings are strategically positioned and feature stable tenants, and we expect to complete the remaining leasing of space in the very near future." Financial terms of the transaction have not been disclosed.

The properties First Industrial just snapped up include a 125,000-sf two-building flex/office complex in Ashburn. Located at 21550 and 21580 Beaumeade Circle, the property is 60% occupied. The remainder of the portfolio involves the 100% leased Dulles Summit property at 22520 Randolph Rd., which consists of a 148,000-sf office/warehouse structure and a 139,000-sf warehouse/industrial facility. "The Northern Virginia region features extremely strong fundamentals that should encourage the continued expansion of the real estate market," McConnell adds.