Aggregate Real Estate Investors, a Fairfax-based company, has acquired an 11-building industrial and retail portfolio in Northern Virginia for USD 58 million from Clarke-Hook Corporation. The portfolio encompasses a total of 320,000 square feet of usable space and represents a significant transaction in the regional real estate market.
At the time of the transaction, the four commercial complexes included in the portfolio in Fairfax and Loudoun counties were 94 per cent leased to over 90 tenants. The tenant mix is diverse, including retailers, restaurants, service providers, manufacturers, logistics companies and automotive businesses, underscoring the robustness and diversity of revenue streams.
Key Components of the Portfolio
The largest single asset in the portfolio is the West Fairfax Commerce Center, a six-building industrial complex spanning approximately 150,000 square feet, located at 14506 Lee Road in Fairfax. In addition, the transaction includes the University Commerce Center in Ashburn, which comprises three buildings totalling approximately 106,000 square feet of retail and office space.
Aggregate also acquired the 40,529 square foot Dulles Trade Center in Sterling, near Washington Dulles International Airport, as well as the 17,200 square foot McLean Commerce Center on Chain Bridge Road. The Dulles Trade Center is utilised by third-party logistics companies, while the McLean Commerce Center is leased to various local service-oriented businesses.
Strategy and Value Creation Potential
Greg Jacobsen, Managing Principal at Aggregate, stated in a release regarding the acquisition: “These properties are substantially leased to stable, credit-worthy tenants and provide a solid foundation for long-term ownership, where our team can create additional value.” The company plans to undertake aesthetic modernisations and implement new management strategies for the entire portfolio. The objective is to identify and execute further value-add transactions in the region. Aggregate is strategically focused on open-air retail and industrial properties throughout the Mid-Atlantic region of the USA.
