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IPA Closes $20M Sale of Fully Leased NoVa Industrial
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of a two-building, 139,818-square-foot industrial asset in Woodbridge, VA. The property sold for $19.9 million and is 100% leased to Bekins A1 Storage Inc., a large, privately held moving and storage company.
“The property offers rare M-1 heavy industrial zoning in close proximity to Washington, DC,” said Robert Filley, IPA SVP investments.
Added IPA’s Chandler Pace, “The facility’s Mid-Atlantic location puts it within a day’s drive of 30% of the nation’s population. The area has limited land for new construction and the assets that do come on line are often pre-leased and achieve steady rent growth.” Filley and Pace represented the seller and procured the buyer.
Constructed in 1986 on eight acres, the facility consists of 62,000-square-foot 15111 Farm Creek Dr. and 78,000-square-foot 15151 Farm Creek Dr. The buildings are just off Route 1 in Northern Virginia’s Featherstone Industrial Park, a short distance from Marine Corps Base Quantico via nearby Interstate 95. Fort Belvoir, Fort Meade and the National Geospatial Agency’s campus are nearby.
- ◦Sale/Acquisition
