Avison Young announced it has brokered the sale of two flex buildings located in Chantilly, VA, on behalf of the seller. Sullyfield Commerce Centers I and II were sold by CIM Group to Beckham Gumbin Ventures, for close to $20 million.[before-after label_one=”Sullyfield Commerce Center I” label_two=”Sullyfield Commerce Center II”]
The two buildings total 246,000 square feet of office and warehouse space. Located at the intersection of Routes 50 and 28, the properties offer easy access to Interstate 66 and Route 267, two of the region’s main East-West highways, as well as to Dulles Airport. The Commerce Center’s location in Sullyfield Business Park offers tenants immediate access to nearby amenities—the adjacent expo center, dining, retail, fitness and accommodation, to name a few.
The properties are located roughly 30 miles west of downtown Washington. According to Avison Young, Dulles South is a strong, stable submarket that features virtually no industrial land for new development and supports defense industries poised for significant growth in the years ahead. Major employers located nearby include the CIA and the National Reconnaissance Office.
Sullyfield Commerce Center I, located at 14340 Sullyfield Circle, is a 146,011-square-foot steel-and-brick building that features two docks, six drive-ins and 276 parking spaces on a 7.6-acre site. The building is 95% leased to seven diverse tenants, which include Northrop Grumman.
Sullyfield Commerce Center II, located at 14320 Sullyfield Circle, is a 99,877-square-foot building with frontage on Route 28 and 285 parking spaces. The property is 63% leased to two tenants—Northrop Grumman and CACI International.
Avison Young’s Chip Ryan stated: “These buildings attracted considerable interest from investors across the country. The properties were available at significant discount-to-replacement cost, and they’re located in a supply-constrained market. In addition, prospects for defense spending are strong, so leasing activity in this submarket could be robust in the coming years. This is a very good time to be buying in this area.”