print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Products
Commercial Real Estate News

PS Business Parks Expands in Northern Virginia with $143.3 Million Deal for 1.1 Million-SF Flex/Warehouse Portfolio

Transwestern Brokers Sale of 19-Building 'Last-Mile' Industrial Portfolio in Lorton and Springfield
June 11, 2018
Pictured: Building 4 within the Northern Virginia Industrial Park in Lorton, VA.

PS Business Parks added more than one million square feet to its industrial holdings after the Glendale, CA-based firm reached a deal to acquire a pair of last-mile industrial parks in Northern Virginia from MRP Realty and institutional investors advised by J.P. Morgan Investment Management.

The company paid $143.3 million, or nearly $136 per square foot, for the 19-building portfolio comprised of the Northern Virginia Industrial Park in Lorton, VA, and the Fullerton Business Center in Springfield, VA, located along Interstate 95 in Fairfax County. The sale is one of the largest industrial deals by square foot and by price ever completed in the Washington, D.C. market.

The bulk of the portfolio, the 15-building Northern Virginia Industrial Park totals 831,955 square feet at Lockport Place and Telegraph Rd. one mile from I-95, four miles from I-395 and I-495, and 15 miles from Reagan International Airport. Major tenants include Nestle Waters North America, Lansing Building Supply, GSA, SL Distribution Co., Snyder's of Hanover and DB Industries, according to CoStar information.

Located just north on I-95 from the Northern Virginia Industrial Park, the four-building Fullerton Industrial Park, completed in 1982, totals 241,994 square feet along Fullerton Rd.

Gerry Trainor and Mark Glagola of Transwestern's Mid-Atlantic capital markets group handled negotiations on behalf of the selling venture, which acquired the parks in two separate deals in 2015 from Adler Realty Services and Ares Management.

"This transaction represents a confluence of the seller’s desire to capitalize on its successful repositioning and lease-up of the portfolio and the buyer’s desire to invest in well-located, light industrial facilities within a major metropolitan market that exhibits extremely strong demographics,” said Trainor. “Over 75 percent of the Interstate 95 Corridor’s inventory is over 30 years old and, as a result, has been the target of demolition and redevelopment to alternative uses. This, coupled with the continued population growth, has created significant demand for this ‘last-mile’ industrial product.”

PS Business Parks (NYSE: PSB) owns and operates roughly 28 million square feet in six states: California, Florida, Maryland, Texas, Virginia and Washington, according to its website.

Please see CoStar COMP #4286109 for more information on the transaction.

GET IN TOUCH        Contact CoStar News Team:   News@CoStar.com

 Find us on 

Welcome To CoStar's
Industry-Focused,
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News