Five-Building Office Portfolio in Chantilly Sells for $60.5 Million

NAI KLNB has brokered the sale of a five-building commercial office portfolio totaling approximately 318,000 square feet of space, and located in the Avion Business Park in Chantilly to Hayden Maguire Real Estate Fund for $60.5 million, according to a news release from LH&A Inc. Here’s more about the deal from the release:

The NAI KLNB of Kevin Goeller, Chris Kubler and Josh Simon, in cooperation with C-III Realty Services, LLC, brokered the transaction on behalf of JPMCC 2006-CIBC14 Chantilly Office, LLC. The sales price represented approximately $190 per square foot.

The Class “A” office product consists of MidRise I located at 14500 Avion Parkway (57,345 square feet); MidRise II located 14520 Avion Parkway (56,493 square feet); Service Center III located at 3650 Concorde Parkway (67,486 square feet); Avion Tech Center II located at 14700 Avion Parkway (47,810 square feet) and Avion Tech Center III located at 3635 Concord Parkway (88,648 square feet).

Originally built by the Trammell Crow Company between 1987 and 2001, the portfolio is contained within a nineteen-building office portfolio within Avion Business Park. The business community is served by numerous highways including MD Route 50 and 28, Interstate 66 and the Dulles Toll Road. The park is positioned immediately south of Washington Dulles International Airport and is within close proximity to fourteen hotels and 2.5 million square feet of retail space.

“This mix of low and mid-rise flex/office product are located in, historically, the healthiest and most prolific commercial office environments in the country,” said Christopher B. Kubler, Director of Investment Sales for NAI KLNB. “This offering generated a great deal of high-quality investor interest and multiple offers. The new owner acquired top-of the-class office product in an extremely stable market situated just outside our nation’s capital. This portfolio provides excellent opportunities to create long-term value.”

The same investment team at NAI KLNB is now taking two more Avion Business Park assets to market, consisting of a commercial office building and a note collateralized by a separate building.

Founded in 1968, KLNB, LLC is comprised of two real estate divisions of companies that include NAI KLNB, a division that focuses on the sale and leasing of commercial office, industrial and warehouse properties as well as tenant representation. The company is also a full-service provider of commercial real estate property and east management services.

Headquartered in Towson, MD, the company maintains full-service offices in Columbia, MD; Washington, D.C; as well as Tysons Corner and Dulles Airport area in Loudoun County, Virginia. Visit www.klnb.com.

PHOTO courtesy of Lawrence Howard & Associates, Inc.