INNOVATION BUSINESS CENTER
Value Add Recapitalization
PROPERTY: Three building, Class A flex portfolio built in 2006 totaling 125,452 SF
PRICING: $20.2M ($161 PSF)
- Acquisition of three core quality flex assets through a recapitalization and joint venture with the original developer, with the ability to add value to the 77% occupied property through lease-up.
- The property is part of the 1,500-acre Innovation@Prince William Technology Park, a technology and life sciences park that was master-planned by Prince William County in partnership with George Mason University in 1988. The park has since attracted over $500 million of investment and created over 2,000 jobs.
- Since acquisition, New Boston successfully leased the asset up to 100% to solid regional and national tenants with no significant rollover at the property until 2015.
- Currently reviewing the market for sale of the asset.