Davin Holdings, Davis Companies Buy Dulles Design Center in NoVA
By Keith Loria July 6, 2021 2:08 pm
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A joint venture between Davin Holdings and Boston-based The Davis Companies has acquired the Dulles Design Center, a 107,018-square-foot industrial property in Sterling, Va., from Dulles Design Partners.
The deal marks the first acquisition between the joint venture’s value-add real estate fund, Davis Investment Ventures Fund IV.
The price was not disclosed.
Marc Yavinsky and Hank Dudgeon founded Davin Holdings last year with a mission to acquire a large-scale portfolio of industrial properties in the Northern Virginia and D.C. metro areas.
“We have deep ties in the D.C. area — my partner and I went to the University of Virginia together, and he was one of the leading industrial brokers in Northern Virginia for about 10 years,” Yavinsky told Commercial Observer. “It was a true testament to our collaborative effort in making this entry into the highly competitive industrial market in Northern Virginia.”
The Washington, D.C., metro industrial market experienced record absorption in 2020 with 1.3 million square feet, and vacancy remains at a historically low 6.4 percent, according to a JLL report.
Located at 45449 Severn Way in Loudoun County, the Dulles Design Center sits adjacent to Route 28, and is close by Dulles International Airport and Dulles Town Center, a 1.4 million-square-foot regional shopping mall.
Originally built in 1991, the building features 24-foot clear heights and its spaces range in size from 2,000–27,000 square feet. At the time of the deal, the property was 95 percent leased. Kenwood Management Co. previously managed the building.
“There is a strong demand right now in the industry for high-quality flex/industrial properties and we plan on pursuing future investment opportunities in the area alongside Davin,” Quentin Reynolds, The Davis Companies’ chief investment officer, said in a prepared release.
No brokers were involved in the deal.
