Two-Building Woodbridge Industrial Property Commands $20M
By Keith Loria October 27, 2023 11:08 am
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AIC Industrial has sold a two-building industrial property that’s fully leased to Bekins A1 Movers in Woodbridge, Va., for $19.9 million.
The company acquired the 139,818-square-foot property in 2016 for $12.8 million, according to public records. The buyer was a private investor.
Built in 1986, the property consists of the 62,000-square-foot 15111 Farm Creek Drive and 78,000-square-foot 15151 Farm Creek Drive.
Institutional Property Advisors represented both parties in the sale. “The property offers rare M-1 heavy industrial zoning in close proximity to Washington, D.C.,” Robert Filley, senior vice president of investments, said in a prepared statement.
“The facility’s mid-Atlantic location puts it within a day’s drive of 30 percent of the nation’s population,” Chandler Pace, a senior associate at Institutional Property Advisors, said in a statement. “The area has limited land for new construction, and the assets that do come online are often pre-leased and achieve steady rent growth.”
Bekins, which has been in the space for more than a decade, provides moving and storage services.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
