Newmark announces the sale of 10,16, 24 and 25 Center Street as well as 65 and 75 Barrett Heights Road in Stafford, VA. Known as Stafford Commerce Center and Stafford Commerce Park, the six-building portfolio has a total of 272,000 square feet and the park has almost 18 acres of land. The buildings and park were purchased for $19,150,000 by NextTier Real Estate Investors from Hudson Real Estate Advisors.
“We are very pleased to have helped Hudson Advisors in another disposition. Hudson was able to leverage our knowledge of the market to exit a non-core submarket,” said Larry FitzGerald, executive managing director, Newmark. “Next Tier has some very exciting plans in the works to activate the project and continue the leasing momentum. We are pleased to be able to continue leasing the project on their behalf.”
Built over a five-year span between 2001 and 2006, the six-building portfolio and park are well-located for tenants looking to remain proximate to I-95, the Russell-Knox Building and Jefferson Davis Highway. Retail centers including North Stafford Plaza and Stafford Marketplace and a multitude of restaurants are nearby making this an ideal location for defense contractors that need to be located near Marine Corps Base Quantico.
Newmark Executive Managing Director Larry FitzGerald and Director Cole Spalding represented Hudson Advisors in the sale.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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