Manekin Plaza

Sterling, VA
The property consisted of five single story office buildings on 12.1 acres that is prominently located at the intersection of Nokes Boulevard and Cascade Parkway in Sterling, VA.  The property is currently 60% occupied by multiple tenants including Inova and Xerox Corporation.

 

  • Off-market acquisition of five single story office buildings located in Sterling, VA on 12 acres of land.
  • Multiple value add strategies exist including lease up and redevelopment of the underlying land.
  • Site identified in Loudon County Comp Plan to increase in FAR from 0.3x to potentially 1.0x.
  • Site is currently underdeveloped; increase in FAR could be close to 5x more than existing.
  • Located in a Qualified Opportunity Zone.
Building Size

110,000 sf

Acquisition Source

Off-Market

Equity Partner

Chestnut

Acquisition Price

$11.8 M

Redevelopment

$0.5 M

Total Project Costs

$12.3 M

Exit Price

$21.1 M

Date

June 01, 2019

Category
Commercial, Sterling, VA