TF Cornerstone Acquires FedEx-Leased Distribution Center in Stafford for $80M
By Keith Loria July 5, 2023 3:13 pm
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TF Cornerstone has acquired a new distribution center occupied by FedEx in Stafford, Va., for $79.5 million, Commercial Observer has learned.
Blue Vista Capital Management and CSG Partners, the sellers of 95 Distribution Center, developed the property in 2021 on spec. The 486,720-square-foot building is 100 percent leased to FedEx.
“We had strong interest, with well over 10 written offers on the property,” Jonathan Carpenter, executive managing director for Cushman & Wakefield (CWK), which represented the joint venture, told CO. “The sellers were one of the first movers into this rapidly developing submarket. They expertly developed and leased the property in 2021 and 2022. Ultimately, selling the property was part of their value-creation business plan.”
Located north of Fredericksburg at 180 Centreport Parkway, just 25 miles from Washington, D.C.’s Beltway, the property is in a growing industrial sector, according to Cushman & Wakefield.
“There is immense potential for further industrial development sites in Stafford, and the sale of 95 Distribution Center solidifies the city’s position as a prime destination for institutional-grade investments in the mid-Atlantic region,” Carpenter said.
The property offers 55 dock doors, five drive-ins, 567 car parking spaces and 157 trailer stalls.
Joining Carpenter on the deal were Cushman & Wakefield’s Graham Savage, Doug Longyear and Eric Robison. The buyer was represented in-house.
Keith Loria can be reached at Kloria@commercialobserver.com.
