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Virginia Industrial Park Changes Hands for $38M

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The portfolio consists of four separate light industrial and warehouse buildings. The post Virginia Industrial Park Changes Hands for $38M appeared first on Commercial Property Executive.

Cushman & Wakefield | Thalhimer brokered the sale of Four Mile Industrial Park, Spotsylvania County, Va.’s largest industrial park. The global real estate firm worked on behalf of the site’s owner, Longwood Holdings LLC, in the $38 million portfolio trade to an entity calling itself Longwood Owner LLC.

The acquisition includes four buildings that total 221,000 square feet of light industrial and warehouse space in Fredericksburg, Va., a submarket of Washington, D.C. The properties on 35.7 acres were built in 1999 at 230 Industrial Drive, 11001 Houser Drive, 10935 Houser Drive and 11200 Houser Drive.

“The property is centrally located and ideal for warehouse distribution just off Route 1 and I-95 exit 126. With drive-in doors on the front and full tractor-trailer loading docks in the rear, the property is in high demand and 100 percent leased, with both national and local firms.” Senior Vice President Virgil Nelson, who brokered the sale for Longwood Holdings, told Commercial Property Executive.

Fredericksburg is halfway between Richmond, Va., and Washington, D.C., and with the park located at the intersection of two major highways, it is central to the market. Tenants include Capital Electric, Lennox, Blossman Gas, Flowers Bakery and Midsouth Building Supply.

Industrial portfolios selling in Virginia

Cushman & Wakefield | Thalhimer has seen a number of industrial portfolio sales recently. In Chesapeake, Va., Heritage Capital Group recently purchased a five-property portfolio for $45 million. With 37 companies operating out of the park, it was 84 percent leased.

Additionally, nearby in Manassas, Va., Penzance purchased a 212,086-square-foot industrial portfolio across two parks. Previously owned by Davin Holdings and The David Cos., the portfolio went for $55 million. The acquisition is being used to support the growing demand for data center real estate within Prince William County.

The post Virginia Industrial Park Changes Hands for $38M appeared first on Commercial Property Executive.