STERLING, VA—American Realty Advisors has added a two-building industrial portfolio in Virginia totaling more than 450,000 square feet to its portfolio.
The Class A industrial buildings are 100% leased and are located in Chantilly and Sterling, VA. The Glendale, CA-based institutional real estate investment management firm acquired the properties from an institutional investment management firm represented by James Cassidy of DTZ's Washington D.C. office. No financial details of the transaction involving 3900 Stonecroft Blvd. in Chantilly, VA, and 45110 Ocean Court in Sterling, VA were released.
The buildings, which total 453,883 square feet, are occupied by Unicom Government, Synnex Corp., Cosmos Granite & Marble, U.S. Postal Service, FSA Network, and JAS Forwarding, among other tenants.
Eric Cannon, senior director, investment group at American Realty Advisors, says of the firm's latest purchase, "This region is experiencing strong positive net absorption, low vacancy, and continued rent growth, which is consistent with American's research-driven investment strategy to source and acquire functional in-fill, multi-tenant industrial in well-located supply-constrained markets. In addition to the strength of the location, the contractual in-place rents are currently below-market, providing the opportunity for American to grow long-term cash flow and cash-on-cash returns for investors."
American Realty Advisors plans to implement a series of capital improvements to the properties aimed at increasing the portfolio's overall physical condition and curb appeal.
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