Loudoun County Office Park With Redevelopment Potential Sells For $12M
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A 30-year-old office park near Dulles Town Center has just traded hands, and the buyer has the potential to redevelop the property.
D.C.-based Stewart Investment Partners bought the Plaza @ Loudoun Tech office park for $11.8M from Aetna Life Insurance Co.
The property consists of 113K SF of office space across five one-story buildings at 46000-46050 Manekin Plaza in Dulles. It was 60% leased at the time of the sale, with its tenants including Inova, Toyon Research Corp. and Schnabel Engineering.
Built in 1989, the office park sits near the interchange of Route 7 and Cascades Parkway, about 1 mile from the Dulles Town Center Mall. It is about 8 miles from Dulles International Airport.
The low-rise buildings are surrounded by surface parking, and Friedman said the site's density could be increased. He said a potential redevelopment could be boosted by the property's location in an opportunity zone and the new comprehensive plan that Loudoun County adopted in June.
"This asset checked all the boxes desired in today's office market: discount to replacement cost, leasing upside, and the potential for substantial increase in density of a one-story office product," Friedman said in a statement. "This interest was further accentuated by the long-term implications of the business park's placement within a designated Opportunity Zone and the potential for up-zoning and subsequent higher density potential."