Bill Collins, Paul Collins, Drew Flood and James Cassidy of Cassidy & Pinkard Colliers represented the seller.
Called Avion Lakeside A and D, the two-story buildings are 91% occupied at rents that are below market. Building A is entirely occupied by a Northrop Grumman company called Integic Corp., which is the nearest term large rollover, Cassidy tells GlobeSt.com. However the buildings' new owner has made a strategic bet that it will be able to persuade the firm to remain in the space.
"The company also leases space in four other buildings in the park; it occupies about 50% of the space in the park altogether," Cassidy says. "With some minor capital improvement expenditures, Greenstreet feels pretty good about being able to renew the tenant."
Greenstreet is also planning an aggressive leasing strategy for the rest of the vacancies, which it should be able to implement with little difficulty as the park overall has a 3% vacancy rate and is ideally located near the intersection of Routes 50 and 28, very close to the Washington Dulles International Airport. "The park competes very well with comparable space here," Cassidy says.
Greenstreet can also count on the growing demand for space in the submarket as more defense and government procurement dollars find their way into this part of the state.
Asking rates are $25 per sf, full service, according to Cassidy.
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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.
