(Read more on the industrial market.)
SPRINGFIELD, VA-A 78,500-sf office and industrial building here has traded for $12.5 million. Located at 7200 Fullerton Rd., Parkway/95 Business Center has been acquired by Bethesda, MD-based CRC Acquisitions LLC. The seller was TP-1 LLC, a Fairfax, VA-based investment entity. CB Richard Ellis' Bill Prutting Sr. represented the buyer.
The building is 35% office, with the rest of the space devoted to warehouse, storage and distribution use, Prutting tells GlobeSt.com. Currently there is 15,000 sf of office available in the facility, which was completely renovated a few years ago. The industrial space, by contrast, is fully occupied.
The office tenant recently moved out in a relocation, he explains. The asking rate for the office space is $16 per sf triple net.
There is significant demand for industrial space in this submarket right now, Prutting continues, which likely accounts for the full occupancy in the rest of the facility.
Parkway/95 Business Center is located very close to Fort Belvoir's Engineering Proving Grounds. Belvoir is in the midst of a major redevelopment project by the US Army in order to accommodate the arrival of some 22,000 military and civilian personnel expected under the 2005 Base Realignment and Closure. Not surprisingly, the realignment and expected influx of personnel is also affecting space demand in nearby areas to accommodate the government contractors that service these organizations.
Right now the office-industrial make up of Parkway/95 Business is the facility's optimal use, given the submarket's dynamics, Prutting says. "The long term view is that potentially, it could be a redevelopment play."
Continue Reading for Free
Register and gain access to:
- 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
© 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.
