(To read more on the industrial market, click here.)
RESTON, VA—Waterford Commercial Development has acquired 50.6 acres in Prince William County. The company will develop a 640,000-sf campus there, consisting of office and industrial/flex buildings.
Waterford just acquired the land in partnership with RER Equities Inc. and Bouwfonds Property Finance. Developments costs, including the land acquisition price, are expected to be $130 million to $150 million, depending on the final scope of the project, President Chris Ciliberti tells GlobeSt.com.
The plans call for nine buildings of multi-story office and single story flex, that range in size from 30,00 sf to 70,000 sf, to be built out over a period of five years. The first phase is a 90,000 sf to 140,00 sf plot on which Waterford expects to break ground in summer 2007 and deliver in early 2008.
Rents for the multi-story office buildings will range between $25.50 to $27.50 per sf. Flex tenants will likely pay between $15 per sf to $16 per sf triple net, depending on tenant improvements.
The project, called Innovation Executive Center, is located in an area that Prince William County economic development officials have been cultivating together with George Mason University. Referred to as Innovation@Prince William, it is a hub for cutting edge industries and research and development such as biotech.
"Firms such as Lockheed Martin, BAE, Micron, Eli Lilly have all located there," Ciliberti says. "We looked at that market and the activity there and decided that would be an ideal development spot." Tenants for the Innovation Executive Center will either be companies active in this area. Another possibility, he says are data centers given the site's proximity to two power grids. There is no other capacity in the area equal to the power provided by the two separate 115 KVA transmission lines nearby, he says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
