MANASSAS, VA—Buchanan Partners has bought out the New Boston Fund in the Innovation Business Center, a flex complex located here, for $19.25 million. Buchanan Partners was represented by Avison Young principals Chip Ryan, Jim Kornick and Dan Gonzalez in the transaction.
The Innovation Business Center is a three-building project totaling 125,452 square feet. The property is 100% leased and occupied by a mix of government agencies and corporations. More than two-thirds of the property is leased to government or national credit tenants.
Buchanan notes that based on price, the sale represents the largest pure flex/industrial transaction in Manassas in more than five years, according to CoStar data.
Innovation Business Center is part of the larger Innovation Technology Park, a 350-acre research and technology development home to such tenants as George Mason University, the Federal Bureau of Investigation, BSL-3 BioMedical Research Laboratory and several data centers. The property is poised to benefit from a planned mixed-use town center as well as the future Bi-County Parkway, which will connect Interstate 66 to Route 50 and double traffic capacity on Route 234.
Also, Manassas itself is doing well, Ryan says, having witnessed five consecutive years of positive net absorption. The submarket is "increasingly the focus of institutions pursuing investments in the highly competitive Northern Virginia industrial market," he says in a prepared statement.
Buchanan has owned a stake in the project since 2006.
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