Aggregate Buys $58M Northern Virginia Portfolio

The owner of an 11-building industrial and retail portfolio in Northern Virginia has sold the assets for $58 million.

Fairfax-based Aggregate Real Estate Investors acquired the 320,000-square-foot portfolio from Clarke-Hook Corporation.

The portfolio includes four business complexes in Fairfax and Loudoun counties that combined were 94 percent leased to more than 90 tenants at the time of the transaction. The tenant mix includes retailers, restaurants, service providers, manufacturers, logistics companies and automotive-related businesses.

The largest asset is West Fairfax Commerce Center, a six-building industrial complex totaling about 150,000 square feet at 14506 Lee Road in Fairfax. The deal also includes University Commerce Center in Ashburn, which consists of three buildings totaling approximately 106,000 square feet of retail and commercial office space.

Aggregate also acquired the 40,529-square-foot Dulles Trade Center in Sterling, near Washington Dulles International Airport, and the 17,200-square-foot McLean Commerce Center on Chain Bridge Road. Dulles Trade Center is occupied by third-party logistics tenants, while McLean Commerce Center is leased to several local service-oriented businesses.

“These properties are substantially leased by stable, creditworthy tenants and provide a strong foundation for long-term ownership where our team can create additional value,” Greg Jacobsen, managing principal at Aggregate, said in a statement.

The firm plans aesthetic upgrades and new management initiatives across the portfolio while targeting more value-add deals in the region. Aggregate focuses on open-air retail and industrial assets throughout the Mid-Atlantic.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.