Matan Cos. prepares so as to add a brand new speculative providing to the hungry industrial market within the suburbs of Washington, D.C., as the corporate breaks floor on Redstone Industrial. The 2-building park will embody a complete of 242,000 sq. ft of Class An area in Manassas, Va.
Matan’s graduation of Redstone comes two years after the supply of its first venture in Northern Virginia, Parkway 66, a profitable, 188,000-square-foot spec improvement additionally positioned in Manassas.
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In 2021, Matan acquired an almost 47-acre web site to proceed its enlargement in Prince William County with the event of Redstone. Positioned at 11501 College Blvd., the venture was initially deliberate for 4 buildings. Nonetheless, earlier in 2022, Matan downsized the venture with the sale of roughly 22 acres of the location to Mount Sinai Properties in a transaction valued at roughly $36.7 million, in line with Prince William County information.
Redstone will consist of 1 104,000-square-foot constructing and a 138,000-square-foot constructing, each of which is able to incorporate such coveted components as 32-foot clear ceiling heights, tilt-up concrete building, 60-foot pace bays, LED lighting and ESFR sprinkler methods.
Location, location, location
Demand for industrial area throughout the U.S. stays strong, and Northern Virginia is not any exception. Like Matan’s first venture in Manassas, Redstone will sit inside the booming I-66 Hall. The property, positioned close to the FBI Headquarters, can also be a part of the Knowledge Middle Overlay District. Matan designed Redstone to accommodate a variety of commercial tenants, together with knowledge facilities, biotech companies and people in search of last-mile amenities.
Redstone is positioned, actually, in a high-demand location and the numbers inform the story. The emptiness charge within the Better Manassas space within the third quarter of 2022 was a low 1.6 %, in line with a report by JLL. And Northern Virginia led the way in which in Metropolitan Washington, D.C.’s complete absorption, with roughly 217,000 sq. ft.
“Speculative product across the market [is] fueling occupancy good points,” in line with the JLL report. “[With] vacancies and availabilities inside present product at historic lows coupled with 3.2 million sq. ft presently below building, constructive absorption and lease progress is predicted to proceed.”
Matan has already seen notable early leasing exercise for Redstone. The corporate expects to finish shell buildings in the summertime of 2023.
