Chantilly Office Trades for $9M

Developed in 1987, the building is a five-story, class B property. Its selling price, $309 per sf, is typical for similar product in the Chantilly submarket, Tonya Ginter, director of research and marketing for GVA Advantis tells GlobeSt.com. The cap rate is 7.85%, she adds, which is also standard. One standout feature of the building, though, which is located near the intersection of Highway 50 and Route 28, is its main tenant. The buyers really liked the fact that 71% of the building, or 19,914 sf, is occupied by Virginia Commerce Bank, Ginter says.

Comparable investment trades here include Carr Properties' purchase of the Cox Communications Building, in August, for $315 per sf, or $29.7 million. Another sale that same month, was a JV between Pitcairn Properties and GE Real Estate to acquire a newly completed office for $78.5 million, or $262 per sf, as previously reported by GlobeSt.com. The Carlyle Group designed the two-building, 312,000-sf development, called MissionRidge, with the aim of leasing to government contractors, according to GVA Advantis's report on submarket activity.