(To read more on the industrial market, click here.)
MANASSAS, VA-First Industrial Realty Trust Inc. has acquired a 50-acre parcel of land here and plans to build an industrial park on the site. Fairfax-based Chalmers Property Co. sold the property for an undisclosed price.
Situated near the intersection of Route 66 and Route 234 on Balls Ford Road, Chalmers dubbed it Liberty Business Park. First Industrial has renamed it FirstPark Manassas with plans to develop it into a master-planned business community.
FirstPark Manassas can support approximately ten flex and warehouse buildings ranging in size from 30,000 sf to more than 200,000 sf. Phase one, which will break ground this quarter, includes three industrial buildings consisting of 30,000 sf, 34,000 sf and 57,600 sf. These buildings are being built on spec, a spokesman tells GlobeSt.com, and are expected to deliver at the end of the year. The construction cost for phase one was not released.
"We have the flexibility to lease or sell select buildings in the park, and we anticipate several multi-tenanted facilities with units as small as 4,000 sf," says Mark McConnell, managing director of First Industrial, in a statement.
"We are also studying the prospects of converting one or more of the buildings into a condominium project to appeal to the local entrepreneur, but will allow the market to dictate this need." First Industrial is also willing to consider build-to-suit projects for tenants or buyers, the company says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
