Advance Realty, a leading Northeast U.S. owner and developer of Class A office properties and mixed-use developments, today announced the sale of 14550 (Mid-Rise III) and 14560 (Mid-Rise IV) Avion Parkway in Chantilly, Va., to CBRE Realty Trust for $41.5 million. Advance Realty also announced that it would be retained to manage the property for the new owner.
Currently 100 percent leased to two exceptionally strong tenants, Lockheed Martin and the General Services Administration on behalf of the Federal Drug Enforcement Agency, these three-story buildings total 143,011 square feet in Avion Business Park, the most successful office and flex business park in Northern Virginia. Situated along Route 50 near the intersection of Route 28, and adjacent to Washington Dulles International Airport, Avion Business Park features convenient access to the area’s major thoroughfares including the Dulles Toll Road, Interstate 66, and the capital beltway.
“In a soft market where other deals are falling apart on a daily basis, Advance Realty was able to sell these two assets due to the overall quality of the buildings and Avion Business Park, as well as the tenant roster,” said David Fisher, senior vice president and regional managing director of Advance’s Washington, D.C., region.
Ginny A. Carita, RPA, vice president of property management for Advance Realty, added, “Maintaining the property management responsibilities will result in a seamless transition for tenants, as the day-to-day contacts and property support personnel will remain. This is very non-typical in a real estate asset sale, meaning tenants will continue receiving the highest levels of uninterrupted property management.”
About Advance Realty
Headquartered in Bedminster, N.J., Advance Realty is an owner and developer of office, mixed-use, flex, industrial, retail and multifamily properties. One of the company’s prominent projects includes the Riverbend District, a new, urban mixed-use district in Harrison, N.J., that will feature more than 800,000 square feet of retail space, several hotels, 1.5 million square feet of office space, and approximately 1,800 for sale and rental residential units.
Advance Realty is also in the process of developing and leasing The Picatinny Applied Research Campus (The PARC), a new, high-tech office/research park located at Picatinny Arsenal in Morris County, N.J. The PARC is a planned, multi-phase 1.1 million-square-foot development of one- to three-story build-to-suit and multi-tenanted buildings with labs, Class A office space, and multi-purpose flex space.
Overall, with 4.5 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. In the suburban Washington, D.C., marketplace, Advance Realty Group currently owns in excess of 1.5 million square feet of space. For more information, contact Advance Realty at (908) 719-3000 or visit www.advancerealtygroup.com.