(To read more on the industrial market, click here.)
MANASSAS, VA-McCollister's Transportation Group Inc has signed a 79,500-sf long-term lease at an empty warehouse and distribution facility here. Don Mercer and Ryan Moody of the Northern Virginia office of GVA Advantis represented McCollister's in the deal. The building's landlord, Manassas Technology Ventures, represented itself.
McCollister's is completely occupying the freestanding, single-story building, located at 5533 Wellington Rd. The asking rent was $8.50 per sf triple net, according to Mercer.
"This is one of the largest leases signed for industrial space in Manassas in the last six to nine months," Mercer tells GlobeSt.com. McCollister is moving to Manassas from its Alexandria-based facilities as part of an expansion/consolidation strategy, he adds. "It moved here because of the growth in the market for its industry."
At a 6.5% vacancy rate, the Northern Virginia industrial market is extremely healthy, according to a recent GVA Advantis report, despite that figure's recent rise from 5.6% three months ago. The area's total year-to-date absorption equaled 448,850 sf.
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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.
