95 Distribution Heart. Picture courtesy of Cushman & Wakefield
TF Cornerstone has acquired 95 Distribution Heart, a 486,720-square-foot industrial property in Fredericksburg, Va. Blue Vista Capital Administration and CSG Companions offered the asset for $79.5 million, with the help of Cushman & Wakefield.
In 2019 the property turned topic to $19 million in financing by way of a line of credit score from EagleBank, in accordance with Stafford County information. In 2023, the earlier proprietor prolonged the stated line of credit score, bringing debt to $53 million.
Accomplished in 2021 on 90 acres, 95 Distribution Heart got here on-line in 2021, that includes 40-foot clear heights, between 50- and 55-foot column spacing and ESFR hearth sprinklers, in addition to 55 dock doorways, 5 drive-in doorways, 157 trailer stalls and 567 automotive parking areas. The Class A single-story constructing is totally leased to FedEx.
READ ALSO: Actual Property Market Sentiment Improves
Adjoining to Interstate 95 at 180 Centreport Parkway, the property is 50 miles from Washington, D.C., and 66 miles from Richmond, Va., close to Stafford Regional Airport. The encircling space contains an Amazon Achievement Heart.
Cushman & Wakefield Govt Managing Director Jonathan Carpenter, Managing Director Graham Savage, Govt Director Doug Longyear and Govt Vice President Eric Robison represented the sellers within the transaction.
Some 3 million sq. ft of business house have modified arms within the metro because the starting of the 12 months, in accordance with CommercialEdge analysis. One of many largest properties that traded was Paragon Park, a four-building, 685,682-square-foot campus in Sterling, Va.; Hyperlink Logistics acquired the Class A asset from Company Workplace Properties Belief.
Constructive indicators for Washington, D.C.’s industrial market
Within the first quarter of 2023, the Washington, D.C., industrial market registered a optimistic internet absorption, greater than 645,000 sq. ft, a JLL report exhibits. The market continued to carry out positively, with rents up 21.7 % from the identical quarter of final 12 months and a complete emptiness of three.7 %.
As of Might, the nationwide emptiness fee elevated by 20 foundation factors month-over-month to 4.3 %, whereas the typical asking lease was up 740 foundation factors year-over-year, in accordance with a latest CommercialEdge report.
