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News release

WASHINGTON, D.C.

Jones Lang LaSalle Completes Sale of Four Industrial Buildings in Northern Virginia

Washington Dulles South Industrial Park properties sell for more than $10.9 million


WASHINGTON, June 24, 2013 -- Jones Lang LaSalle (NYSE:JLL) announced today it closed the sale of four industrial properties on behalf of Dulles South Partners, LLC, a partnership managed by Washington Properties, Inc.  The four building portfolio, known as Washington Dulles South Industrial Park, totals 161,662 square feet and sold for over $10.9 million.

Jones Lang LaSalle Mid-Atlantic Industrial Practice Group Vice President John Dettleff represented the owner, and AJ Wood and Tom McHugh of Cushman and Wakefield represented the four buyers.

Jones Lang LaSalle originally marketed the property to investors but found that businesses wanted to be owner/occupiers. “There was very strong demand from tenants who wanted to purchase rather than lease,” Dettleff said. “A combination of attractive interest rates and pent-up capital led to four rapid-fire sales from November 2012 through April 2013.”

The Northern Virginia industrial market continues to outperform much of the overall Washington/Baltimore market. As of this year’s first quarter, the net absorption in the Northern Virginia industrial market was 533,176 square feet, with a vacancy rate of 11.4 percent. 

The Washington Dulles South Industrial Park is located at the intersection of Rt. 50 and Pleasant Valley Road in Chantilly, Va. Constructed in 2009, the concrete tilt-up industrial buildings include 24-foot clear ceiling heights and drive-in loading.

The transactions include:

  • Paramount Investment Properties, LLC purchased the 42,246-square-foot building at 25395 Pleasant Valley Road.
  • United Granite of Virginia, LLC purchased the 39,124-square foot building at 25391 Pleasant Valley Road.
  • VES Investment Properties purchased the 44,236-foot building at 25837 Pleasant Valley Road.
  • Pleasant Valley Tile, LLC purchased the 36,055-foot building at 25383 Pleasant Valley Road.

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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.