Avison Young Markets NoVa Flex-Industrial Portfolio
- Nov 03, 2016
By Bogdan Odagescu, Associate Editor
Totaling 338,283 square feet, the Route 28 South Portfolio properties fall into the I-5 zoning category—Industrial General. According to Fairfax County records, the portfolio last traded in June 2008 for a price tag of $41.1 million and is owned by Scottsdale, Ariz.-based Route 28 NPS Portfolio Inc.
Located at 14000 Thunderbolt Place and 14320-40 Sullyfield Circle, the three buildings are situated close to the Dulles International Airport and are surrounded by several large office and residential clusters. In addition, the properties are very close to the Dulles Expo Center, as well as a plethora of large retail centers, including Chantilly Crossing Mall, Sully Plaza, Chantilly Park Shopping Center and Sully Place Shopping Center.
Featuring adaptive layouts that make the buildings suitable for both single- and multi-tenant occupancy, the properties are currently 67 percent leased. The tenant roster includes Northrop Grumman and CACI International. Located 25 miles west of downtown Washington and 12 miles north of Manassas, the Route 28 South Portfolio is institutionally owned and maintained, with no deferred maintenance.
“These types of properties are getting increased attention from institutional investors who are looking to diversify out of pure office product. Because of their high quality, we are seeing interest from groups that haven’t been historically focused on this asset type,” said John Kevill, principal of Avison Young, in prepared remarks.
Image courtesy of Avison Young