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News release

WASHINGTON, DC

Dulles Development Site Draws $12M

JLL closes sale of Loudoun County development site


WASHINGTON, October 14, 2015 – On behalf of Second Generation LLC, JLL’s Mid-Atlantic Industrial Practice Group today announced the firm has closed the sale of Downs Park, a 25-acre industrial development site located in Sterling, Va. near Dulles International Airport.  Second Generation LLC sold the property, which can yield up to 299,000 square feet of industrial space, to a joint venture between Seefried Properties and DCT Industrial for $12 million. Seefried Properties and DCT Industrial subsequently completed a prelease on the entire 299,000 square feet shortly after settlement to an undisclosed tenant.

JLL Mid-Atlantic Industrial Practice Group Managing Director Mark G. Levy and Senior Vice President John Dettleff represented the seller.

“The Downs Park sale represents the kind of intense activity we are seeing in the Dulles Corridor industrial market,” said Levy. “Preleasing has become common in this market, as demand is clearly outpacing the supply of available Class A warehouse space.”
According to JLL, 638,000 square feet of industrial space is under construction in the Dulles Corridor.

“We anticipate that at least 50 percent of the new inventory will be preleased by the end of 2015,” added Levy.

Industrial demand is coming from a variety of drivers, chiefly a growing residential base in Western Fairfax and Loudoun Counties and a booming data center business which has absorbed over 2.5 million square feet of industrial space in the past three years.

About JLL
JLL (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. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.