In 2001, Advance acquired the portfolio from Principal Mutual Life Insurance Co. for about $80.3 million, and in 2002 it entered into a joint venture ownership of the buildings with an institutional core plus-fund as its partner. "Avion Business Park is a cornerstone of our holdings in the metro Washington, DC area," says David Fisher, senior vice president and regional managing director for the Bedminster, NJ-based company's metro Washington, DC office. With this acquisition, Advance now own a 100% interest in nine buildings totaling more than 725,000 sf in the region. The transaction also leaves advance in the role of majority owner of the 1.3-million-sf, 19-structure Avion Business Park.

The complex sits in a coveted location near the intersection of Route 28 and Route 50, just a few miles from Washington Dulles International Airport. The complex offers a fitness facility, jogging trails and a deli. The seven buildings involved in the transaction boast an average occupancy level of 98%, and include Tech Center I, II and III, which feature 102,000 sf , 48,300 sf and 88,700 sf of single-story office or office/R&D space, respectively. There is also the single-story Service Center III with its 67,700 sf of office/lab space; the three-story Midrise I, II, III and IV offering 56,400 sf each in I and II, and 71,500 sf each in III and IV; and Lakeside I, which offers 166,000 sf of office space in a four-story structure.

With the deal having reached completion, Advance has put new plans for the portfolio on the table. "Over the next 12 months, we plan to add major amenities to the park, and we are already seeing strong interest in the park from both commercial and governmental tenants," Fisher notes.