DC-Area Office Portfolio Changes Hands for $19M
- Jan 06, 2020
Newmark Knight Frank has arranged the sale of Stafford Commerce Center and Stafford Commerce Park, an office portfolio totaling 272,000 square feet outside Washington, D.C. Buyer Next Tier Real Estate Investors paid $19.2 million for the six buildings. NKF Executive Managing Director Larry FitzGerald and Director Cole Spalding acted on behalf of the seller, Hudson Real Estate Advisors.
Following the close of the deal, Newmark Knight Frank was named to continue overseeing leasing operations for the portfolio for the new owner. The properties’ current tenant roster includes AT&T, the Department of Veterans Affairs, ECS and L3Harris Technologies.
Built between 2001 and 2006, the buildings are located at 10, 16, 24 and 25 Center St. and 65 and 75 Barrett Heights Road in Stafford, Va. The assets are 2 miles from Interstate 95 and 7 miles from the Russell-Knox Building—home to five military and counterintelligence agencies—in Quantico. The surrounding area has several retail options within 2 miles, including Doc Stone Commons and North Stafford Plaza.
In December, an NKF team represented the seller of a 178,700-square-foot property in Reston, Va., 50 miles north. A joint venture between Moore & Associates and Harbert Management Corp. acquired the asset for $33.5 million, according to Yardi Matrix.
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].