EXCLUSIVE: The Carlyle Group Looks To Sell Office Portion Of Wegmans-Anchored Village At Leesburg
The office component of the 1.2M SF, Wegmans-anchored Village at Leesburg development is on the block.
The Carlyle Group, the property's owner, retained Avison Young to market the development's two Class-A office buildings totaling 120K SF.
Rappaport, Kettler and Carlyle partnered to develop the 55-acre, 1.2M SF project, which includes 15 one- to four-story buildings with 550K SF of retail and 335 residential units. In addition to Wegmans, the project features high-end movie theater Cobb Theatres, Bowlero Bowling, indoor playground Atomic Trampoline, LA Fitness and several food and beverage users.
The office buildings sit on the north side of the development. The building at 1602 Village Market Blvd. includes 108K SF of office on three stories above retail and features a two-story atrium. The smaller building, at 1608 Village Market Blvd., has one floor of office totaling 12,494 SF. The office space is 93% leased to tenants such as family law office Whitbeck Cisneros McElroy P.C., Kestler Financial and First Home Mortgage Corp.
Avison Young's John Kevill, Rob Walters, Jon Goldstein and Georgiana Condoiu are working to sell the property. It sits along Route 7, past where Phase 2 of the Silver Line will extend, but a 300-car park and ride is under construction on the site that will provide access to the Metro.
“The sale of this Class-A office project represents an exceptional opportunity to buy a best-in-class property in a market that has been the recipient of tremendous growth from technology tenants — and also enjoy strong market growth without near-term leasing exposure,” Kevill said in a news release.
