Institutional Property Advisors Closes Mid-Atlantic Industrial Facility Sale
WOODBRIDGE, Va., Oct. 26, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a two-building, 139,818-square-foot industrial asset in Woodbridge, Virginia. The property sold for $19.9 million and is 100% leased to Bekins A1 Storage Inc., a large, privately held moving and storage company.
“The property offers rare M-1 heavy industrial zoning in close proximity to Washington, D.C.,” said Robert Filley, IPA senior vice president investments. “The facility’s Mid-Atlantic location puts it within a day’s drive of 30% of the nation’s population,” added IPA’s Chandler Pace. “The area has limited land for new construction and the assets that do come online are often pre-leased and achieve steady rent growth.” Filley and Pace represented the seller and procured the buyer.
Constructed in 1986 on eight acres, the facility consists of 62,000-square-foot 15111 Farm Creek Drive and 78,000-square-foot 15151 Farm Creek Drive. The buildings are just off Route 1 in Featherstone Industrial Park, a short distance from Marine Corps Base Quantico via nearby Interstate 95. Fort Belvoir, Fort Meade and the National Geospatial Agency’s campus are nearby.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.