MRP Puts 1.1M SF Fairfax County Last-Mile Industrial Portfolio On The Market
The portfolio consists of two sites within 3 miles of each other, the 15-building, 814K SF Northern Virginia Industrial Park in Newington and the four-building, 242K SF Fullerton Industrial Park in Springfield.
MRP acquired the properties in 2015 and invested in repositioning the buildings, which are an average of 34 years old. It has signed 485K SF of leases in the last two years, bringing the occupancy rate to 79%.
The industrial parks sit just off Interstate 95, about 4 miles outside the Beltway, making them an attractive site for last-mile distribution centers, a segment that has boosted the industrial sector in recent years.
“Last-mile industrial and light industrial product have outperformed the bulk industrial market for the past four years,” Transwestern Executive Managing Director Gerry Trainor said. “The performance gap between these industrial product types will continue to widen as a result of the high barriers to entry associated with the last-mile locations and the explosion of online retail."