Virginia Beach-based RST Development recently paid $12.5 million for a Manassas Park warehouse and its adjacent parking lot, which the firm plans to redevelop with a multifamily project.

Located at 8503 and 8505 Euclid Ave., the Conner Commerce Center spans nearly seven acres and includes a 70,590-square-foot warehouse along with 300 surface parking spaces. An affiliate of RST Development acquired the property late last month, reported the Washington Business Journal.

The land and building are currently valued at $10.65 million. Maryland-based CSB Family Investors LLC bought the property for $8.05 million in 2016. RST wants to convert the property into 300 multifamily residential units. The site is currently zoned as a general business district and would need to be rezoned for residential. Conner Commerce Center is currently 98% leased until 2027, and the property is part of Manassas Park’s City Center Redevelopment District, which may be eligible for tax incentives.

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