Moran Rd. into manufacturing and HQ.
DULLES VA-W.P. Carey has acquired an industrial manufacturing building located at 1501 Moran Rd. here. The 163,110-square-foot property traded as a structured sale crafted by Cambridge Holdings LLC on behalf of its owners, via the acquisition of existing debt, which was used to acquire title.
Cambridge also assisted with the leasing of the facility on a 20-year NNN basis to Cuisine Solutions. The building will serve as the primary manufacturing facility for Cuisine and as their new headquarters. Marcus & Millichap also assisted in the sale. Everyone left the sale relatively pleased, says T. Michael Scott, president and vice-chairman of Cambridge, in a prepared statement.
“We monetized the gains of the developer-owner, after overseeing the redevelopment of the project into Cuisine Solutions’ state-of-the-art manufacturing plant,” he said. “Finally, we matched a rapidly growing tenant with a long-term lease and a REIT that is knowledgeable and committed for the duration.”
Cuisine Solutions has retained Cambridge to provide property management and lease administration services.
W.P. Carey, which recently formed as a REIT, has closed on another acquisition recently in Houston, a deal with far more glamor than an industrial REO trade in Dulles: it acquired a Brookfield-owned office building for $174.8 million. The property spans just over 1 million square feet and is currently 99.8% leased.