WASHINGTON, DC–The Garrett Cos. has placed on the market a 1,078-acre development in Stafford County called George Washington Village that offers significant opportunities to potential buyers. The whisper price is said to be about $50 million, give or take.
Mark Anstine and John Giebel of ARA Newmark are marketing the site.
The acreage is currently zoned for about seven million square feet of development plus 500 residential units and for a range of uses including distribution, data centers, industrial, retail, office and residential. Also, the property will have its own exit on 1-95 that is currently undergoing $200 million in improvements, according to the offering memorandum.
The brokers say the site is the largest land offering of this size and development potential in the last ten years. “We just never see sites this large in the Washington DC metro area come to market,” Anstine tells GlobeSt.com.
Besides the sheer scope of the project, there are other unique attributes to George Washington Village as well, Anstine continues. The property makes up almost half of the entire comprehensive master plan for Stafford County. Anstine notes that Stafford County “doesn't really have a center right now” making George Washington Village a natural fit for that role.
There is also a wide range of potential uses from distribution (the airport is on the south side of the site) to health care (the Stafford hospital just announced they are expanding by 100,000 square feet and the Veterans Administration has requested to build a hospital nearby as well).
“There are so many different routes a buyer can take with this,” Anstine says, adding that they plan to market the site internationally as well.
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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.
