Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of 23745 Pebble Run Place in Sterling, Virginia. The 6,000-square-foot industrial property is fully leased to Herc Rentals. The asset was built in 2017 and features an equipment service bay area. Northmarq’s Zach Harris represented the seller, a private investor based in Hawaii. A New York-based private equity firm acquired the asset for an undisclosed price reflecting a 5.26 percent cap rate.
“For this transaction, we ran a targeted private placement process and were able to court a very qualified private equity firm that recently raised a new fund to target well-located industrial outdoor storage (IOS) assets nationwide,” said Harris, Director in Northmarq’s Tulsa, Oklahoma headquarters. “The purchaser was very attracted to the strong location in the Sterling submarket near Dulles, understood the long-term residual value of this asset and are excited to add a tenant like Herc to their portfolio.”
Situated on 3.17 acres, the property is located in a highly populated and affluent area, west of Washington D.C., near Dulles International Airport. The facility features a fully fenced outdoor equipment storage yard, a finished office space, an on-site fueling station and a charging station for electrical equipment. Herc Rentals operates on a double net lease.