Northern Virginia Business Park Trades For $142M
A nine-building Northern Virginia business park largely occupied by the federal government and its contractors has just sold for $142M.
Avison Young announced Thursday it brokered the sale of the Gunston Commerce Center in Lorton on behalf of the seller, I-95 Business Parks Management. The buyer in the deal, first reported by the Washington Business Journal, was NGP, a Tysons-based investment firm formerly known as National Government Properties.
Gunston Commerce Center, a 602K SF flex-industrial business park, sits just off Interstate 95, at the intersection of Richmond Highway and Furnace Road. It is 85% leased, primarily to General Services Administration tenants and government contractors.
“Gunston attracted considerable interest from investors because it offers a combination of best-in-class assets, high credit tenancy and tenants that are committed to the properties for the long term,” Kevill said in a release. “It is rare that a sale with such a clear investment thesis comes to market in a suburban portfolio, and the new owner understands that space as well as anyone in the market. I suspect they will enjoy a strong cash flow for years to come.”