Single-Tenant Springfield Facility Trades For $14M
WTG Properties has sold a 61,700-square-foot flex property in Springfield, Va. that’s been occupied by the same tenant for almost 30 years, for $14 million.
The single-tenant property has been occupied by Cox Communications since it was built in 1993. The remaining lease term was not disclosed.
A Northern Virginia-based private real estate investment group— called CIA-7741 Southern Drive LLC in property records—an affiliate of Capital Investment Advisors, was the buyer.
SRS Real Estate Partners represented the seller in the deal.
“The appeal for investors was the long-term tenancy by the original tenant—Cox has been a tenant for nearly 30 years and will continue their tenancy at this major facility in the region,” Andrew Fallon, SRS Real Estate Partners’ executive managing director, told Commercial Observer. “It is also a high barrier to entry market and there is very limited supply of this type of investment opportunity around the Washington Beltway.”
Located at 7741 Southern Drive, the building is part of the 10-acre Springbelt Center Industrial Park, minutes away from the Springfield Interchange that connects three of the region’s busiest interstates (95, 395 and 495).
In addition to the office component, the property includes lab, tech, warehouse, and auto repair space, and has five loading bays along with 414 surface parking spaces.
“The buyer response on this asset was overwhelming given the current market conditions, but the fundamentals of the deal and property type in a high barrier-to-entry market proved to be in great demand,” Fallon said. “We procured 10 offers and ultimately awarded the deal to a regional buyer that we carefully vetted, and they performed flawlessly.”
Joining Fallon in representing the seller was SRS’s Philip Wellde. It was not clear who represented the buyer.
Keith Loria can be reached at Kloria@commercialobserver.com.