SPRINGFIELD, VA–Kansas City Life Insurance Co. has made its first acquisition in the Washington DC area market: Springfield Industrial Center at 7701 Southern Dr. The fully occupied, 251,178-square-foot warehouse traded for an undisclosed price. Gerry Trainor and Mark Glagola of Transwestern's Mid-Atlantic Capital Markets Group represented the undisclosed seller in the transaction.
The life insurer had been looking for four or five years for an asset that would fit into its portfolio for diversification purposes, Trainor told GlobeSt.com. “This one fit the bill.”
He explains that this is a strategic buy for Kansas City Life Insurance.
“Springfield Industrial Center is located just outside the Capital Beltway, and many industrial properties in the area have been demolished for other uses, such as multifamily or retail, but those developments will continue to fuel demand for goods and services.”
Springfield Industrial Center is 100% leased to five tenants, including four long-term tenants that have occupied the property for an average exceeding 18 years. During the past 10 years, the Springfield/Alexandria corridor has experienced a 1.5 million-square-foot decline in industrial product, or a 7% decrease in its inventory, according to Transwestern research.
Skanska Secures $42M Contract with UVA
WASHINGTON, DC–Skanska has signed a contract with University of Virginia to renovate and expand the current facility. The contract, which is worth $42 million, consists of early site work, utility relocations and installing the building foundation system. The entire multi-phased hospital expansion and renovation project is slated to deliver in December 2020.
SPRINGFIELD, VA–Kansas City Life Insurance Co. has made its first acquisition in the Washington DC area market: Springfield Industrial Center at 7701 Southern Dr. The fully occupied, 251,178-square-foot warehouse traded for an undisclosed price. Gerry Trainor and Mark Glagola of Transwestern's Mid-Atlantic Capital Markets Group represented the undisclosed seller in the transaction.
The life insurer had been looking for four or five years for an asset that would fit into its portfolio for diversification purposes, Trainor told GlobeSt.com. “This one fit the bill.”
He explains that this is a strategic buy for Kansas City Life Insurance.
“Springfield Industrial Center is located just outside the Capital Beltway, and many industrial properties in the area have been demolished for other uses, such as multifamily or retail, but those developments will continue to fuel demand for goods and services.”
Springfield Industrial Center is 100% leased to five tenants, including four long-term tenants that have occupied the property for an average exceeding 18 years. During the past 10 years, the Springfield/Alexandria corridor has experienced a 1.5 million-square-foot decline in industrial product, or a 7% decrease in its inventory, according to Transwestern research.
Skanska Secures $42M Contract with UVA
WASHINGTON, DC–Skanska has signed a contract with University of
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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.
