Avison Young announced today that it has negotiated the sale of 45745 Nokes Boulevard in Sterling, Va.
An affiliate of Klein Enterprises purchased 45745 Nokes Boulevard for $15.375 million. The property features 95,282 total square feet of flex space and is located within The Corporate Office Park at Dulles Town Center.
“This is a best-in-class building in one of the nation’s premier submarkets, so it drew considerable interest from investors,” said John Kevill, Principal and Managing Director for U.S. Capital Markets for Avison Young. “It was an exceptional opportunity to acquire a Class A flex asset – a premier property with secure in-place cash flows that can be increased further through the lease-up of vacant space.”
Avison Young, the world’s fastest-growing commercial real estate services firm, represented the owner. The transaction team was led by Kevill, Michael Yavinsky, Rob Walters and Bert Harrell, Principals at Avison Young; Matt Weber, Senior Vice President; and Michael Murillo, Vice President.
The property is 85% leased to four tenants: Eagle Bank, Inova Healthcare Systems, Raytheon and Barakat Orthodontics.
The property features open floor plates and abundant parking with a ratio of 4 per 1,000 square feet. It is ideally situated near regional demand drivers and a major data center alley, and also benefits from exceptional access to the largest and most robust fiber and power networks in the country.
The property is conveniently located only minutes from Washington Dulles International Airport and future Silver Line Metro stations, and offers immediate access to Route 7 and Route 28.
The property is part of Dulles Town Center, a 554-acre master-planned and mixed-use development that includes an array of dining, entertainment and shopping options. The super-regional Dulles Town Center Mall is less than a half-mile from the property; and Nokes Plaza, a four-building neighborhood retail center, is directly across from the property.
The property is situated in Loudoun County, known for its strong economic climate, rapidly growing business base, highly skilled workforce and booming population. A number of the region’s largest employers are located in the area, including Amazon Web Services, Boeing, Lockheed Martin, SAIC and Northrop Grumman.
“This building is the highest-quality flex asset in the Route 28 North submarket,” Weber said. “It will continue to benefit from strong submarket fundamentals, including positive net absorption and decreasing vacancy rates as a result of the substantial growth of data centers and the technology industry in Loudoun County and nearby Fairfax County. It is a superb long-term investment.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 108 offices in 14 countries. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2019 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for eight consecutive years.
