SPRINGFIELD, VA-A 78,500-sf office and industrial building here has traded for $12.5 million. Located at 7200 Fullerton Rd., Parkway/95 Business Center has been acquired by Bethesda, MD-based CRC Acquisitions LLC. The seller was TP-1 LLC, a Fairfax, VA-based investment entity. CB Richard Ellis' Bill Prutting Sr. represented the buyer.
The building is 35% office, with the rest of the space devoted to warehouse, storage and distribution use, Prutting tells GlobeSt.com. Currently there is 15,000 sf of office available in the facility, which was completely renovated a few years ago. The industrial space, by contrast, is fully occupied.
The office tenant recently moved out in a relocation, he explains. The asking rate for the office space is $16 per sf triple net.
There is significant demand for industrial space in this submarket right now, Prutting continues, which likely accounts for the full occupancy in the rest of the facility.
Parkway/95 Business Center is located very close to Fort Belvoir's Engineering Proving Grounds. Belvoir is in the midst of a major redevelopment project by the US Army in order to accommodate the arrival of some 22,000 military and civilian personnel expected under the 2005 Base Realignment and Closure. Not surprisingly, the realignment and expected influx of personnel is also affecting space demand in nearby areas to accommodate the government contractors that service these organizations.
Right now the office-industrial make up of Parkway/95 Business is the facility's optimal use, given the submarket's dynamics, Prutting says. "The long term view is that potentially, it could be a redevelopment play."
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