52,400-SF Office Building Trades at $8M-Plus

SPRINGFIELD, VA-The Cary Building has sold for nearly $158 per gross sf. Trimark Corp. represented itself in the $8.3-million transaction that left the building under the ownership of Alum Ridge LLC, which was represented by Wellborn Management Co. Inc.

According to Fairfax County real estate records, the building and the approximately three-acre parcel it occupies off the Capital Beltway have a current aggregate assessed value of $5 million. The Cary Building is a three-story structure divided into two linked rectangular wings that reached completion in 1974 following a two-year development process. The property is fully occupied under 29 leases, the largest of which is the County of Fairfax, occupying about one-third of the property. The tenant roster also includes physicians, and such organizations as Mid-Atlantic Publishing Inc. and World Hope International. According to Trimark’s offering memorandum, the property has an annual net rental income nearing $1 million.