Phase one of the project is an 80,000-square-foot, four-story office building along with two pad sites. These were leased at the beginning of the year to BB&T Bank and to MiniLand day care center, according to Dan Gonzalez, managing partner of Appian Realty Advisors, which is marketing the space. The pad sites are scheduled to open in late 2009. Delivery of the office building will be Q2 2010.

The second office building will be part of phase two of the development. This building will be 60,000 square feet. Asking rates for the office buildings will be $22 per square foot to $24 per square foot, triple net or $29 per square foot to $31 per square foot, full service, Gonzalez tells GlobeSt.com. Tenants can also purchase portions of the buildings in an LLC ownership structure, he adds--a feature that is popular with doctors.

The office buildings will appeal to medical firms because of the proximity of a new Prince William Health Systems 88,000-square-foot multi-tenant medical facility that is adjacent to the mixed-use complex in which the new offices will be located, Gonzalez says.

Specifically, the office buildings are part of the Village at Heathcote, which at full build-out will consist of 450 residential units--half of which are already completed--and more than 75,000 square feet of street level retail.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.