Northern Virginia Industrial Portfolio
Acquired by PSB in June 2018, Northern Virginia Industrial Park and Fullerton Industrial Park (NVIP) is located in Springfield, Virginia. The portfolio consists of 19 buildings totaling 1.1 million square feet situated on 65 acres of land. The portfolio is 76% occupied with an average customer size of 6,800 square feet.
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The 19 buildings are strategically located near major commuting routes I-95, I-495, Route 1, and the Fairfax County Parkway, and situated within the Springfield/Newington industrial submarket where PSB already owns three industrial parks totaling 606,000 square feet with an historical average occupancy of 95% since 2000. Combining the new parks with the Company’s existing parks creates an industrial portfolio totaling 1.7 million square feet. With a healthy 11 % submarket concentration and suite sizes ranging from 1,200 to 30,000 square feet, NVIP is positioned to meet a variety of customer and business needs.