Sterling Park Business Center Sold
Washington, D.C., February 28, 2006 – Cassidy & Pinkard arranged the sale of Sterling Park Business Center, comprised of One and Two Sterling Park, two one-story flex buildings totaling 127,814 square feet plus an additional 43.1 acres of developable land located in, Sterling, Loudoun County, Virginia. Paul Collins, Bill Collins and James Cassidy represented the seller, Lerner Enterprises of North Bethesda, Maryland. The property was purchased by a local real estate investment trust for an undisclosed sum.
Located just off of the new Sterling Boulevard interchange, Sterling Park Business Center, has excellent access to Route 28, the Dulles Toll Road and Washington Dulles International Airport. The surrounding Loudoun County community provides a rich amenity base coupled with a rapidly expanding employment base. One and Two Sterling Park are 61% leased to 9 tenants. Below market in-place rents and existing vacancy in a rising leasing market provide the buyer with the opportunity to add value. In addition, the 43.1 acres of developable land is currently zoned for light industrial, flex or office use and has existing infrastructure which make this a unique development opportunity in the region's fastest growing market.