Advance Realty Group Acquires Partner’s Interests in Avion Business Park in Chantilly, Virginia
ADVANCE NOW MAJORITY OWNER OF 1,300,000-SQUARE-FOOT PARK
CHANTILLY, VA, JULY 12, 2005 – Advance Realty Group, a Bedminster, New Jersey-based commercial real estate owner and developer, has acquired its joint venture partner’s interests at Avion Business Park in Chantilly, Virginia. The acquisition includes seven, Class A office buildings totaling 586,000 square feet.
“Avion Business Park is a cornerstone of our holdings in the metro Washington, D.C. area. With this acquisition, we now own a 100 percent interest in nine buildings totaling over 725,000 square feet in the region. Over the past three years we have raised the occupancy in our Avion portfolio to over 98 percent. Over the next twelve months, we plan to add major amenities to the park, and we are already seeing strong interest in the park from both commercial and governmental tenants,” stated David Fisher, senior vice president and regional managing director of Advance Realty Group’s metro Washington, D.C. office.
Strategically located in Northern Virginia’s dynamic Route 28 South submarket, just four miles from Dulles International Airport, the 188-acre business park consists of 19 buildings totaling 1.3 million square feet of quality space. Avion Business Park also features first-class amenities including an on-site deli, fitness center and three miles of jogging trails with fitness stations.
“We are pleased to have acquired our partner’s interests at Avion Business Park. This is a continuation of our strategy to acquire core and core plus properties in markets that we believe are on the rebound. Avion Business Park not only provided a superior return to our partner, but also represents a favorable transaction for Advance Realty Group,” stated Greg Senkevitch, chief operating officer of Advance Realty Group. “In the past nine months, Advance has closed on $265 million of core and core plus acquisitions in the New Jersey and Washington, D.C. markets.”
Advance Realty Group is an owner and developer of office, flex, industrial, retail and multifamily properties. With five million square feet of operating properties and a development portfolio consisting of eight million square feet of commercial projects and 9,400 residential units, Advance is one of the leading real estate owners in the Northeast and is headquartered in Bedminster, New Jersey.