LORTON, VA—Industrial properties close in to the Washington DC area, or located near job-generating submarkets such as Fort Belvoir, are an endangered species. They are more likely to be torn down and turned into apartments than renovated for more modern industrial uses. What industrial product does exist in this submarket tends to be older and outdated.
That makes the Springfield Newington Industrial Center a very rare exception. The 106,945-square-foot-square foot facility has 24' to 26' clear height ceilings and cross-dock loading -- features that are otherwise very hard to find in I-95 market, according to HFF associate director Michael Stuart. The building was also renovated last year with a new façade and roof.
This is why the property, when it was put on the market, traded so quickly, he tells GlobeSt.com. Earlier this month Bristol Capital Corp. sold it to Stockbridge Capital Group, LLC.
Stuart and HFF senior managing director Bruce Strasburg marketed the property on behalf of the seller. The sales price was not disclosed.
"From Quantico to the Pentagon, most of the product in the I-95 Corridor is older, built in the 1960s and 1970s," he tells GlobeSt.com. "This building is on the radar of most tenants that are active here. They don't have to go out to Dulles if they can get space here."
Located at 8424-8444 Terminal Rd., Springfield Newington is fully leased to three investment grade tenants including the General Services Administration and Associated Materials.
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