Maryland Developer Makes First Northern Virginia Buy With $43M Business Park Deal
A Germantown-based developer with nearly 50 years of experience building in Maryland has just made its first Northern Virginia acquisition.
Minkoff Development purchased a five-building portfolio in Chantilly's Avion Business Park for $43M, property records show.
The buyer retained the Newmark Knight Frank team of Andy Klaff, Jeff Tarae, Dominic Orcino, Larry FitzGerald and Cole Spalding to lease the buildings, the firm announced Wednesday. The portfolio consists of two office buildings at 14500 and 14520 Avion Parkway and three flex-industrial buildings at 14700 Avion Parkway and 3635 and 3650 Concorde Parkway.
The new owner plans to renovate the 14500 Avion Parkway office building to add a new conference facility, a tenant lounge and spec suites. The building's amenities, which also include a fitness center, will be available to all occupants of the five buildings.
"Adding much-needed amenities to Avion Business Park will differentiate this project from the competition and provide tremendous value to the current and prospective tenants," Klaff said in a release.
Founded in 1972, Minkoff has primarily developed properties in Maryland. The company in May sold two apartment buildings in Prince George's County and Baltimore, with Melnick Real Estate Advisors representing it in the deals.