Boston firm buys Featherstone Industrial Park for $132M

An affiliate of Boston-based real estate company TA Realty has purchased the 734,606-square-foot Featherstone Industrial Park in Woodbridge for $132 million.

TA Realty acquired the property, which lies approximately 23 miles south of Washington, D.C., from Arlington County-based Rosenthal Properties and San Francisco-based Stockbridge. According to the deed, the deal closed on June 23. Newmark represented the sellers.

The industrial park dates to the 1980s and comprises 13 buildings. At the time of the sale, the portfolio was 100% occupied and leased to 45 tenants spanning a diverse range of industries. The portfolio is located less than 3 miles from Interstate 95 and approximately 25 miles from the Pentagon and Reagan National Airport.

“The Featherstone Industrial Portfolio presented a rare opportunity to acquire meaningful scale in one of the most sought-after industrial markets in the country,” Newmark Senior Managing Director Ben McCarty said in a statement.  “With over 734,000 square feet across 13 buildings, a highly diversified tenant roster and significant mark-to-market potential, the portfolio attracted strong institutional interest from groups seeking exposure to Northern Virginia’s diminishing supply industrial sector.”

TA Realty did not immediately return a request for comment.

Newmark said the property benefits from transportation infrastructure and the area’s labor force, as more than 8 million people reside within a 90-minute drive of the properties of comparable sites throughout the region.

“Due to the popular trend of converting industrial product to data centers, there is a diminishing supply dynamic in industrial space in Northern Virginia that is creating some of the strongest market fundamentals (market rent growth, occupancy, absorption) in the country,” McCarty said in an email.

Founded in 1982, TA Realty is a private real estate investment management firm with approximately $19 billion in assets under management.  While it is headquartered in Boston, it has additional offices in Dallas, San Francisco and Newport Beach, California, and Ashburn.