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FLINT LEE14725 Chantilly, VA
Investment Offering
A 100% LEASED CORE INDUSTRIAL INVESTMENT OPPORTUNITY
OfferingJLL’s Mid-Atlantic Industrial Capital Markets Group is pleased to present for sale 14725 Flint Lee (“The Property”), a 100% leased warehouse/distribution building located in Chantilly, Virginia. The Property, which is located within the highly supply constrained Route 28 South submarket of Northern Virginia, benefits from immediate proximity to Routes 50 and 28, Interstate 66, the Dulles Toll Road and Washington-Dulles Airport. The combination of Flint Lee’s investment-grade rent roll and tethered tenancy provides investors with secure, predictable cash flow in a strong, supply-constrained industrial market.
Investment HighlightsExceptional Occupancy and Rental Performance HistorySince 1995, 14725 Flint Lee has outperformed the submarket in terms of its occupancy rate and rental rate. The historical performance of The Property is evidenced by its average occupancy rate of 94% over the last 10 years and 100% occupancy since 2012.
Long-Standing Tenancy with Significant Capital InvestmentBlue Ridge Arsenal, one of only three gun retailers with an indoor shooting range in Northern Virginia, has been a tenured tenant in 14725 Flint Lee since 2002. Blue Ridge has made significant infrastructure investment in The Property, including a shooting range, air purification system, arsenal machinery and tooling. Moreover, the permitting process for gun ranges has significant hurdles which further enhances Blue Ridge’s long-term renewal probability.
“Core” Tenant in World Renowned Fairfax County Urban Search and RescueFairfax County, an investment grade tenant (Aaa), occupies 55% of 14725 Flint Lee through its Urban Search & Rescue and Rescue & Wellness agencies. Urban Search and Rescue is a Federal Emergency Management Agency (FEMA) task force sponsored by Fairfax County that can be deployed both to domestic and international disaster sites. It is the “poster child” for FEMA, often hosting training sessions and sharing best prac-tices amongst a small set of peers nationally. 14725 Flint Lee serves as a strategic location due to its close proximity to Dulles International Airport; this location is necessary for an organization that can be deployed across the globe at a moment’s notice. Rescue & Wellness’s suite serves as a training facility for Fairfax County’s Fire and Rescue Department. Both agencies occupy 17,040 square feet.
Offered Below Replacement CostBoth Fairfax County (a fitness center, training facility, and an air conditioned warehouse) and Blue Ridge Arsenal (permitting, a shooting range, and air purification) have made significant investments into the building’s infrastructure. This investment is a true indicator of Fairfax County’s long-term commitment to The Property. The future owner of 14725 Flint Lee will be well-positioned with a high quality asset that offers existing and future tenants highly competitive pricing.
Property Summary
Address 14725 Flint Lee RoadChantilly, VA
Rentable Area 61,881 RSFYear Built 1989Current Occupancy 100%Parking 1.6 per 1,000 SFSite 6.08 acresCeiling Height 20’Column Spacing 40’ X 40’Drive-Ins 5, 120’ lengthDocks 6Assumable In-Place Debt ~$4MM Balance; 4.1% Interest Rate
March 2023 MaturityYear 1 NOI $563,507 ($9.11 PSF)
Tenant Roster:Fairfax County Urban Search & Rescue (17,040 SF)Fairfax County Rescue & Welless (17,040 SF)Blue Ridge Arsenal (16,441 SF)Legacy Scenic & Productions (11,360 SF)
Fairfax County Warehouse
Location and Market Summary
Supply Constrained Dulles South Industrial MarketSituated in Chantilly, Virginia, with proximity to Washington-Dulles Airport and Washington, DC, 14725 Flint Lee benefits from its location within a historically tight industrial submarket. This market, with constrained supply (95.1% occupancy), has seen rental rates post strong growth with a year-over-year (2014) gain of 4.9% to $8.40 PSF. Due to increasing land prices, this product type is unlikely to be constructed again in the market, further adding to the trend of strong rental rate growth and low vacancy.
Legacy Scenic & Productions Fabrication and Storage Facility
Excellent Accessibility14725 Flint Lee is strategically situated at the nexus of Route 28 and Route 50, both key transportation arteries within Fairfax County. The Property is also less than 5 minutes from I-66, the Dulles Toll Road and Washington-Dulles International Airport. Both I-66 and the Dulles Toll Road provide direct access to I-495 (the Capital Beltway) and downtown Washington, DC. The future extension of Flint Lee Road to Stonecroft Boulevard will further enhance The Property’s location and accessibility to retail locations to the west.
Appealing, Walkable Amenity Base14725 Flint Lee is located directly across from the Chantilly Crossing Shopping Center, a 500,000 SF regional power center serving a local population of 56,000 (within 3 miles) with an average household income of $150,000. The type of retail offered is expansive and includes grocery stores, banks, wholesale clubs, eateries, restaurants, clothing stores, and beauty salons. Well-known retailers include Costco, Target, Potbelly, Chipotle and Starbucks, among others. The combination of numerous retail amenities and ease of accessibility further enhances 14725 Flint Lee’s appeal for its existing and future tenancy.
GSA Demand and GrowthLocated in the Route 28 submarket, 14725 Flint Lee is situated in a hotbed of US government installations. The National Reconnaissance Office (NRO), Federal Bureau of Investigation (FBI), Central Intelligence Agency (CIA) and numerous associated government contractors all have locations directly south of The Property in the Westfields micromarket. These government installations represent significant demand drivers and push adjacent properties to outperform their respective submarkets.
Fairfax County Conditioned Training Facility
Capital Markets:
1801 K Street, NWSuite 1000Washington, DC 20006+1 202 719 5000
Mark LevyManaging DirectorInvestment [email protected]
Marc RampullaExecutive Vice PresidentInvestment [email protected]
Jay WellschlagerManaging DirectorInvestment [email protected]
John DettleffSenior Vice [email protected]
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Bryans Road
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Fruitland
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Green Valley
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Selby-On-The-Bay
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Aberdeen Proving Ground
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Lochearn Middle River
Oxon Hill
Parkville
Potomac
Randallstown
Rockville
Security
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Andrews AFB
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ArnoldBeltsville
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Clinton
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Quantico Station
Sugarland Run
Annandale
Burke
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McLeanReston
West Springfield
Chantilly
Fairfax
Fort Hunt
Fredericksburg
Herndon
Lake Ridge
Manassas
Mount Vernon
Oakton
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Tysons CornerVienna
Woodbridge
Alexandria
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