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.
The seller retained Avison Young in July to market the property for sale. Avison Young's John Kevill, Jim Kornick, Chip Ryan, Michael Murillo and Georgiana Condoiu brokered the deal.
“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.”
