Matan Companies Sells 10-Acre Site in Dulles, Virginia
19 December 2018
Matan Companies announced today that it has sold its 10-acre site located at 45781 Maries Road in Dulles, Virginia to Corporate Office Properties Trust.
Matan had acquired two 10-acre sites along Maries Road in September 2016 and November 2017, with the intent to develop both speculatively for light industrial users. Branding the project as Dulles North Industrial Park, the Frederick based developer commenced construction on the first building, located at 45905 Maries Road, in July 2017, delivering the shell building in early May of this year before then selling that property in July.
“The intent on Maries Road was to develop a couple of our core tilt-up assets,” said Brad Benna of the Matan Companies. “However, the market imbalance caused by the tech sector created a situation where selling became an obvious choice. We plan to immediately deploy the proceeds into several of our ongoing warehouse developments in the Metro area.
The Matan Companies would like to thank John Dettleff of JLL for his help with both Maries Road transactions.