Beyond that the developer is "constantly looking at new parcels of land," Kathy Devine, vice president of sales and leasing, tells GlobeSt.com. "This is a market we feel very strongly about."
Its most recent project is the 57-acre, 750,000-sf Dulles Trade Center I commercial flex condominium complex located on Route 606 west of Washington Dulles International Airport in Loudoun County. Devine says the units are now 30% sold. "Activity is very good there."
Purchasers have included distributors of airplane parts, food, auto parts and home fixtures; an equipment testing laboratory; a computer software firm; a printer; a caterer; and various contractors serving the homebuilding industry.
The center is comprised of 10 low-rise flex/office buildings that can be used for assemblage, warehouse, distribution, showroom and/or office space. Developed speculatively between 2001 and 2007, the buildings feature drive-in bays or docks, skylights, some green features, and mezzanine space. Some also have two stories with elevator access. Hubert Construction of Gaithersburg, MD was the general contractor for the project. Morgan Gick McBeath & Associates of Falls Church was the project architect.
Buchanan also plans to break ground later this year on the first phase of its 400-acre, mixed-use Arcola Center. Located at the juncture of Route 50, Route 606, and Loudoun County Parkway, Arcola will be built over a 10- to 20-year period. All together there is 2.1 million sf of office and commercial space planned, 1.1 million sf of retail space as well as 80 acres of townhomes and multifamily units, as reported earlier in GlobeSt.com. The first phase will be 750,000 sf of retail, Devine says.
Just north of Arcola, Buchanan recently broke ground on a 105-acre Dulles Trade Center West site, which will be developed as two- to seven-acre for-sale commercial lots. "We did a similar land development site close by and sold those lots very quickly," Devine says. "Demand is very strong in this market for space and use of all kind."
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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.
