Institutional Property Advisors (IPA), a division of Marcus & Millichap, has successfully completed the sale of a two-building industrial property in Woodbridge, VA. The 139,818-square-foot asset was sold for $19.9 million and is fully leased to Bekins A1 Storage Inc., a leading privately owned moving and storage company.
According to IPA Senior Vice President Investments Robert Filley, the property boasts rare M-1 heavy industrial zoning in close proximity to Washington D.C. Additionally, Chandler Pace from IPA stated that its location in the Mid-Atlantic region allows for easy access to 30% of the nation’s population within one day’s drive. With limited land available for new construction in this area and high demand for pre-leased assets with steady rent growth potential, this transaction presented an excellent opportunity.
Built on eight acres in 1986, this facility comprises two buildings: 62
