Industrial Income Trust (IIT), a non-traded real estate investment trust (REIT) that acquires and operates high-quality distribution warehouses and other industrial properties, acquired Chantilly Business Center II this week for $17.55 million. Transwestern brokered the sale of the 160,000 square foot Class A warehouse on behalf of Principal Life Insurance Company.
"This was a rare opportunity to buy a trophy asset in the Chantilly Industrial market," said Mark Glagola, Transwestern broker. "There was significant investor interest and in the end, we were very pleased with the pricing results." The fully leased warehouse at 3920 Stonecroft Boulevard in Chantilly, VA was originally constructed in 1996 and is situated on 15 acres. According to Fairfax County records, the property previously sold in April 1999 for 8,600,000, and for $1,413,418 before that in 1996.
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