Matan Companies Sells NoVA Industrial Park for $69M

A Maryland-based developer has sold a 242,000-square-foot industrial complex it delivered last year in Northern Virginia, and it isn’t another data center.

Matan Companies traded the Redstone Industrial Park, at 11400 and 11500 University Boulevard in Manassas, to an affiliate of Orlando-based investment firm Parkway in November for about $69 million, Prince William County property records show. The Business Journals first reported the news. 

Matan acquired a larger site in mid-2021 for about $25.4 million, though sold about half of it to Carter Machinery later that year. Matan began construction on its two-building complex on University Boulevard in 2022. 

“Our baseline going into any investment is that it will be a long-term hold. But after having several groups reach out to us about this asset specifically, we chose to run a limited marketing process to explore a potential sale,” Zach Jung, managing director for Matan, told Commercial Observer in an email. 

E-commerce logistics firm DHL eCommerce fully leased the 138,000-square-foot building at 11400 University Boulevard in March, while metal fabricator N.J. Sullivan Company occupies part of its sister building. 

A representative for Parkway did not immediately respond to requests for comment. 

The same month as the Redstone Industrial Park sale, and less than four miles south of the site, Iron Mountain expanded its information storage services domain with its $113.5 million purchase of 40 acres from PRP Real Estate Investment Management. The property is fully entitled for three data center buildings with a total footprint of 1.1 million square feet. 

Nick Trombola can be reached at ntrombola@commercialoberver.com.