JBG Buys Warehouse Complex in Alexandria – Condos Coming?

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pickettWhy else would JBG buy up the three warehouse complex known as Pickett Industrial Park? The warehouses are leased now but, what will the future bring?

Via GlobeSt.com

The JBG Cos. has acquired a fully-leased three-building warehouse complex at the Pickett Industrial Park here.

The three buildings that total 246,145 square feet, are 100% leased, according to HFF, which marketed the complex on behalf of the seller, a partnership between funds managed by Ares Management, L.P. and Adler Group. No financial terms of the transaction were released.

Situated on 10.84 acres at 841-929 South Pickett Street, the three-building complex is leased to six tenants, including General Services Administration, Commercial Carpets of America, Michael Baker Corp. and Habitat for Humanity of Northern Virginia. The one-story buildings have 24-foot clear heights and a total of 34 dock-high loading doors with seven drive-ins. The Washington Business Journal reports the three buildings are assessed at $28 million, according to Alexandria property records.

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