Total of 14 Office, Industrial/Flex and Technology Buildings Offer About 870,000 SF of Coveted Space in Northern Virginia
Gunston Commerce Center
Avison Young has been retained as the exclusive advisor in the sale of two best-in-class business parks in Northern Virginia.
Gunston Commerce Center in Lorton, Va. features approximately 602,000 square feet of rentable building area in nine buildings. It is in one of the most sought-after locations for security-conscious General Services Administration (GSA) tenants that need to be located between the Pentagon and the Marine Corps Base Quantico.
Prince Williams Commons in Woodbridge, Va. contains approximately 267,000 square feet in five buildings, and is squarely in the midst of the tremendous growth occurring in Prince William County.
Prince Williams Commons
Both are owned by I-95 Business Parks Management, one of the most well-respected developers and managers of premier office, flex and technology properties in Northern Virginia.
Because of the unique characteristics of each, the seller expects the parks to sell to two separate buyers. But because there are physical and locational synergies, investors may make an offer on both together.
“Both parks boast best-in-class physical assets, tremendous vehicular access and proximity to irreplaceable demand generators,” said John Kevill, Principal of Avison Young. “In today’s environment, investors are looking for an investment thesis that offers a differentiated story. These parks will provide exactly that, and will achieve strong returns with continued income growth.”
The parks were planned, developed and built by I-95 Business Parks Management, which selected Avison Young’s Washington office to market and sell them.
Overseeing Avison Young’s efforts are Kevill, Jim Kornick, Chip Ryan and Michael Yavinsky, all Principals; as well as Michael Murillo and Georgiana Condoiu, both Vice Presidents. Erik Foster, a Principal who leads the firm’s Industrial Capital Markets Group, will assist as well.
“I-95 Business Parks Management is well known for developing world-class properties that meet or exceed complex federal government standards, with strong hands-on ownership from day one,” Kornick said. “Their attention to detail and to tenant needs is second to none, and we are proud to represent them.”
Both business parks have been managed to institutional-quality since construction and possess first-class finishes throughout.
Gunston Commerce Center offers premier office, flex and technology assets, with flexible building designs that cater to changing needs. The park is 85 percent leased to a roster of tenants anchored by the GSA and key contractors.
The park includes nine buildings with rentable areas ranging from 20,721 square feet to 111,748 square feet. Each is located on Richmond Highway or Furnace Road. All were constructed to meet rigorous government security standards.
With its location just off of I-95 between the Pentagon and Quantico, Gunston Commerce Center is ideally located in a corridor that’s strategically important to key government agencies, including the Department of Defense, the Department of State, the Department of Justice, and the Department of Homeland Security.
The park is just 6.5 miles from Fort Belvoir, 8 miles from the National Geospatial Intelligence Agency, and 18 miles from both Quantico and the Pentagon.
The park offers easy access as well. It is located adjacent to I-95 with on-ramps and off-ramps less than a mile away and directly off of Route 1. It is also close to the Virginia Railway Express (VRE), and a shuttle service to VRE is provided as an amenity to tenants.
The other business park, Prince William Commons, is also ideally located. It is situated in a strong demographic market on the cusp of tremendous growth.
The park is 75 percent leased to a diverse mix of tenants that include medical and health-related providers, the GSA and government contractors. No single tenant makes up more than 10 percent of the leased rentable area.
Prince William Commons provides a range of space uses including office, retail, warehouse and research and development. The property caters to tenants with flexible needs, with ample parking, 12-foot-by-14-foot drive-in doors and 48-inch drive-up docks.
The park’s five buildings range from 36,001 square feet of rentable area to 67,262 feet. They are located on Crown Court and Noble Pond Way.
The park offers tremendous direct vehicular access via the Prince William Parkway, and I-95 is less than two miles away.
The area is seeing strong economic growth as demonstrated by the expanding number of national retailers, the growth in assisted living and healthcare providers, and the upwards pressure on commercial rents as more businesses move into the area.
“These business parks both provide a stable, attractive cash flow, with the opportunity to take advantage of the upside embedded in the regional and sector growth and systematically drive income,” Kevill said. “We expect substantial interest from return-oriented investors and strategic buyers from across the country.”
ABOUT AVISON YOUNG
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
