Transwestern Represents Seller in $52.75 Million Industrial Asset Sale
July 08, 2020
WASHINGTON – Transwestern Real Estate Services (TRS) announces it has brokered the sale of 6885 Commercial Drive in Springfield, Virginia. The 190,377-square-foot industrial property was sold to Black Creek Group for $52.75 million. Transwestern Executive Vice President Gerry Trainor and Senior Managing Director Mark Glagola represented the undisclosed seller.
“The entire marketing process of this asset was performed during the stay-at-home orders related to the COVID-19 pandemic,” said Trainor. “To achieve record pricing on this deal is a testament to the strength of the industrial market and, in particular, last-mile distribution.”
The newly constructed warehouse was fully leased upon delivery due to its highly strategic urban infill location. A large, international technology company occupied 68% of the project, with Goodman Distribution taking the balance of the space. The facility offers 32-foot clear heights and 194 designated parking spaces. With close to eight years of weighted average lease term remaining, Black Creek intends to utilize the building as a core income investment property.
The building is located on 7.3 acres and minutes from the Manassas Line Commuter Rail. Ronald Reagan Washington National Airport is nearby, as well as major regional roadways including Interstates 95, 395 and 495. Springfield has a population of nearly 400,000 people with an average household income of $132,280.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.