The five-year renewal is valued at just over $1 million, according to Woodmark, an affiliate of the Street Cos., which represented the owner. Asking rates for the building are between $8.50 per square foot to $9 per square foot, John Leubecker of Woodmark's Northern Virginia office, tells GlobeSt.com. Stefan Scholz also represented the owner in the transaction. Chethan Rao of UGL Equis represented CACI International.
Other tenants in the building, which is called Gateway Court, include Northrop Grumman, Suburban Pest Services, Leaf Filter, Pride HVAC, Kratos Mid Atlantic, Red line Events and Falken Industries. The building is set to lose one tenant, though, in the coming weeks: Sears, which has occupied the space for 18 years will be closing its retail repair branch there as part of a national consolidation drive. According to Leubecker, Sear's departure will leave an 11,200-square-foot hole in the occupancy roster.
Still, though, the building and industrial space in general remains competitive, he says. "CACI was willing to stick it out with our building--also Manassas is still a resilient industrial flex market." It's cost effective, he says, with easy access to DC and other outpost locations.
The outer lying ring of the Beltway is faring worse, it goes without saying, than closer in the suburbs. However there are distinct pockets of activity in these markets, including Manassas. Indeed Appian Realty Advisors just opened its third office here because it has a number of locally-sourced deals in its pipeline according to principal Dan Gonzalez.
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