Avison Young Brokers $20M Sale of 2 DC-Area Industrial Assets
- May 24, 2017
Avison Young arranged the sale of two flex-industrial buildings in Chantilly, Va. Beckham Gumbin Ventures purchased the assets from CIM Group for the combined purchase price of $19.9 million.
The buildings totaling 245,888 square feet of office and warehouse space are situated within Sullyfield Business Park:
- Sullyfield Commerce Center I, located at 14340 Sullyfield Circle, features 146,011 square feet. The property situated on a 7.6-acre land parcel offers two docks, six drive-ins and 276 parking spaces. At the time of the deal, the building was 95 percent leased to seven different tenants, including Northrop Grumman.
- Sullyfield Commerce Center II, located at 14320 Sullyfield Circle encompasses 99,877 square feet. The property located on a 5.4-acre site has frontage on Route 28 and offers 285 parking stalls. At the time of the deal, the asset was 63 percent leased to Northwood Grumman and CACI International.
Both properties are 30 miles west of downtown Washington, D.C., and close to key employers, such as the CIA and the National Reconnaissance Office. Avison Young Principals John Kevill, Chip Ryan and Bert Harrell, along with Senior Vice President Jesse Martin, led the marketing and sale of both assets.
“The properties were available at significant discount-to-replacement cost, and they’re located in a supply-constrained market. In addition, prospects for defense spending are strong, so leasing activity in this submarket could be robust in the coming years,” Ryan said in prepared remarks.
Image courtesy of Avison Young