WP Carey Buys 163,110 SF Industrial Building in Dulles North for $25M
The 163,110 square foot industrial building at 1501 Moran Road in the Route 28/Dulles North Industrial submarket has sold to W.P. Carey for $25 million.
Andrew J. Czekaj of Cambridge Property Group had assisted 1501 Moran Road LLC in the $7 million acquisition of the building in December 2010 through the acquisition of existing debt which was used to acquire title.
After acquiring the asset, Cambridge assisted with the leasing of the entire facility on a 20 year triple-net basis to Cuisine Solutions, a regional food manufacturer. The building will serve as the primary manufacturing facility and headquarters for Cuisine Solutions.
Cambridge worked with Marcus & Millichap in the sale of the facility to WP Carey.
Cambridge has been retained by Cuisine Solutions, Inc. to provide Property Management and lease administration services at the facility under a long term contract.