(To read more on the industrial market, click here.)
STERLING, VA-Opus East LLC has sold the last of three buildings that it owned here to ING Clarion Partners for $11.5 million, or $112 per sf, according to Transwestern. The brokerage firm represented Opus East in the transaction.
Andy Stape, Jim Darby, Joe Friedman, Will Wheeler and Mat Adler of Transwestern's ASSET Investment Sales Group and Caulley Deringer of its Northern Virginia office handled the sale.
The 102,427-sf Building III property in the 28-acre Dulles Woods Business Park, is located at 45110 Ocean Ct., and was 39% leased at the time of sale. One of the new tenants is a credit national banking association, which has signed a 10-year for 15,000 sf.
The two other buildings in Dulles Woods sold over the last year or so. Building II, a 62,718-sf building, was built for and sold to Graybar Electric, according to a spokeswoman at the firm. Opus East began Dulles Woods two years ago with the construction of Building I, an 83,224-sf build-to-suit office warehouse project for Belfort Furniture.
Scott Brody, vice president and general manager of the DC office for Opus, tells GlobeSt.com that the developer has several projects ongoing in the Northern Virginia area including a mixed-use project called Hastings Marketplace that is anchored by a Harris Teeter in Manassas and a build-to-suit 150,000-sf office building for a defense contractor in Westfield.
"We are looking for other opportunities as well," he says.
Also under construction in the DC area is a 875,000-sf office development in Northern Bethesda. "The barriers to entry in that market are significant and we feel very strongly about the area," Brody says. The project, called Opus Center at Rockspring Park, is being developed on spec. It can support four buildings, Brody says. The firm has had the first building, which is 187,000 sf and seven stories, under construction for the past year and is getting set to complete it next month.
In April it plans to begin construction on the seven-story, 220,000-sf second building. Neither have been preleased.
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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.
