MANASSAS, MD—The Goldstar Group has completed the acquisition of a 186,00 square foot industrial warehouse facility located in the Manassas sub-market of Northern Virginia for $9.35 million.
Stephen Perkins of Newmark Grubb Knight Frank represented both the buyer and the seller, Euclid Avenue Investors LLC, in this transaction. The asset, located at 9061 Euclid Avenue, is currently 92% leased to two separate creditworthy tenants. Metropolis Capital Finance, led by Clifford Mendelson, arranged for the equity and the debt financing for this transaction. “We are pleased to have represented Goldstar in this transaction,” Mendelson said.
Constructed in 1977 and contained on ten acres of land, the industrial warehouse currently supports the real estate requirements of two companies including light manufacturing, storage and logistics operations. The Goldstar Group intends to maintain the property as a large bay property, to leverage the existing zoning which allows for storage outside of the building. The company intends to re-evaluate its options for the building, including possible re-development plans to create additional density, as economic conditions change in the local marketplace.
The industrial warehouse building near VA Route 28 (Centreville Road) and is approximately twelve miles from Interstate 66 and thirty miles from Washington-Dulles International Airport.
“This asset supports every key fundamental in our commercial acquisition criteria, including below market rents and strong in-place leases from high quality tenants,” said Michael Brodsky, CEO of Goldstar Group. “Outside of our multi-family portfolio, we continue to seek commercial building opportunities to support our value-add strategy, and add high-quality assets to our portfolio of more than one million square feet of commercial properties under ownership and management.
“Our acquisition strategy focuses on well-located commercial and multi-family properties in the Mid-Atlantic region, ,” Brodsky added. “We are attracted to opportunities that enable our team to add value with the incorporation of aggressive leasing and asset management programs.”
Goldstar is a privately-held firm strategically focused on commercial real estate investments and services on behalf of its clients and principals. Primarily focused in the Washington DC metropolitan area, Goldstar's core capabilities include acquisitions, development, asset and property management, advisory services and capital markets transactions.
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