St. John to Develop New Business Park on Spec in Leesburg

LEESBURG, VA–St. John Properties has acquired a seventeen-acre land parcel here with an eye to developing a business park on spec. It paid $3.34 million for the parcel, which was sold by John Gudelsky of The Gudelsky Group.  Kevin Goeller and Ryan Goeller of KLNB represented the seller in this transaction.

Earlier this year St. John began work on Ashburn Crossing, an 81-acre mixed-use community in Loudoun County that the company is also building on spec.

St. John Properties is comfortable making speculative bets in such areas as Loudoun and Leesburg because of their strong fundamentals, says regional partner Matt Holbrook. These fundamentals include supply constraints for new space but also some intangibles such as “a rapidly-expanding residential population that fosters entrepreneurial business start-ups,” he says in a prepared statement.

In Leesburg, he said, technology and medical/healthcare tenants are strong candidates for the spec park.

Also, the municipalities in both areas are making infrastructure improvements, Holbrook adds, pointing to  upcoming road improvements along Sycolin Road, which fronts its newly-acquired Leesburg parcel.

Groundbreaking Scheduled for Next Summer

St. John plans to build four R&D/Office/Flex buildings of 160,000 square feet of space on the Leesburg site on spec, with groundbreaking for the first two buildings scheduled for next summer and delivery expected  in spring 2018.

Earlier this year, St. John Properties broke ground on two speculative R&D/Office/Flex buildings totaling more than 90,000 square feet at its Ashburn Crossing project, which the company expects will eventually support more than one million square feet of commercial office and amenity space.

LEESBURG, VA–St. John Properties has acquired a seventeen-acre land parcel here with an eye to developing a business park on spec. It paid $3.34 million for the parcel, which was sold by John Gudelsky of The Gudelsky Group.  Kevin Goeller and Ryan Goeller of KLNB represented the seller in this transaction.

Earlier this year St. John began work on Ashburn Crossing, an 81-acre mixed-use community in Loudoun County that the company is also building on spec.

St. John Properties is comfortable making speculative bets in such areas as Loudoun and Leesburg because of their strong fundamentals, says regional partner Matt Holbrook. These fundamentals include supply constraints for new space but also some intangibles such as “a rapidly-expanding residential population that fosters entrepreneurial business start-ups,” he says in a prepared statement.

In Leesburg, he said, technology and medical/healthcare tenants are strong candidates for the spec park.

Also, the municipalities in both areas are making infrastructure improvements, Holbrook adds, pointing to  upcoming road improvements along Sycolin Road, which fronts its newly-acquired Leesburg parcel.

Groundbreaking Scheduled for Next Summer

St. John plans to build four R&D/Office/Flex buildings of 160,000 square feet of space on the Leesburg site on spec, with groundbreaking for the first two buildings scheduled for next summer and delivery expected  in spring 2018.

Earlier this year, St. John Properties broke ground on two speculative R&D/Office/Flex buildings totaling more than 90,000 square feet at its Ashburn Crossing project, which the company expects will eventually support more than one million square feet of commercial office and amenity space.