McLean, VA (July 31, 2023) – SRS Real Estate Partners announced today it has completed the $13.965 million sale of a single-tenant flex office property occupied by Cox Communications. Located at 7741 Southern Drive in Springfield, VA, the 61,700-square-foot property was built in 1993 and has been occupied by Cox and its predecessor since the facility was built. It sits on just under ten acres in Springbelt Center Industrial Park. The well-located property is minutes away from the Springfield Interchange (Mixing Bowl) that connects three of the region’s busiest interstates (95, 395 and 495) which sees approximately 430,000 cars per day.
SRS Executive Managing Director Andrew Fallon and Senior Associate Philip Wellde Jr. represented the seller, WTG Properties, Inc. from Vienna, VA. The buyer, CIA-7741 Southern Drive LLC, was a Northern Virginia-based private real estate investment group.
“Cox Communications has been at this location for nearly 30 years, demonstrating their long-term commitment to this location. Additionally, the mission-critical utility of the facility was evident during the site visits,” said Fallon.
In addition to the office component, the I-5 zoned property includes lab, tech, warehouse, and auto repair space, and has five loading bays along with 414 surface parking spaces.
The brokers ran a competitive bid process that reached a national buyer pool, and included multiple days of touring qualified investors.
Fallon added, “The buyer response on this asset was overwhelming given the current market conditions, but the fundamentals of the deal and property type in a high barrier-to-entry market proved to be in great demand. We procured 10 offers and ultimately awarded the deal to a regional buyer that we carefully vetted, and they performed flawlessly.” The asset traded at full price, which equates to $226 per square foot.
The Northern Virginia industrial market has seen rapid rent growth and high occupancy for the last several years, which has caught the attention of investors, ranging from 1031 exchanges and regional family offices, to institutional and private equity real estate funds. 7741 Southern Drive was no exception as it is one of the remaining sizeable, privately owned industrial properties in the Springfield market.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS currently has in excess of 550 properties actively on the market with a market value surpassing $2.8 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2022, the group completed more than 705 sales across 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.