(To read more on the industrial market, click here.)
(To read more on the industrial market, click here.)
WOODBRIDGE, VA-Local developer Heatwole/Miller has sold a 17-asset, 983,775-sf industrial portfolio for $79.3 million, or $81 per sf, to Steuart Investment Co. of Chevy Chase, MD. The fully leased portfolio is located in Fredericksburg and Woodbridge, VA and Upper Marlboro, MD. This is the third industrial portfolio Steuart Investment has acquired in the past year.
Dennis Flynn of Transwestern's Northern Virginia office and Andy Stape, Joe Friedman, Will Wheeler and Mat Adler of Transwestern's Asset Investment Sales Group brokered the sale.
The portfolio includes 708,000 sf at Featherstone Industrial Park, which is a 1.4-million-sf industrial park in Woodbridge that features concrete and metal buildings ranging from 200,000 sf to 300,000 sf and typical clear heights of 24 feet to 26 feet. There is also an additional 51,000 sf at Stafford Industrial Park in Fredericksburg. The remaining 225,000 sf is at the 5.3-million-sf Branch Avenue/Pennsylvania Avenue Market in Upper Marlboro.
There are 32 tenants altogether in the portfolio, representing all industries including the US government. Friedman tells GlobeSt.com that it is not unusual for an industrial portfolio of that size to be fully leased in these submarkets. "Especially in Woodbridge – Featherstone is one of the only industrial parks zoned for heavy industrial use. There is a limited supply of that type of use there."
Also, Featherstone is ideally situated, adjacent to the Virginia Railway Express and close to I-95 and Route 1.
Heatwole/Miller developed the first building in the portfolio in the early 1980s. The most recent asset went up in 2004.
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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.
