Morgan Stanley Acquires NoVa Logistics Facility for $172M
A data center industry electrical contractor fully occupies the property.
Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing, has acquired a newly delivered Class A industrial facility in Stafford, Va. for $172.1 million. Flint Development sold the asset. JLL represented the seller in the transaction.
The 935,000-square-foot facility is subject to a long-term net-lease agreement with J.E. Richards, with the lease guaranteed by investment-grade parent company Quanta Services Inc. Based in Lanham, Md., J.E. Richards is an electrical contractor serving the data center industry.
Constructed in 2026, the cross-dock facility features 40-foot clear heights and immediate access to Interstate 95. The asset was built on 120.5 acres. Located at 211 Centreport Parkway in Fredericksburg, Stafford County, the property is about an hour from both Washington, D.C., and Richmond.
JLL’s listing information for the property, known as Capitol 95 Logistics, describes it as featuring 92 dock doors, four drive-in doors, 50- by 54-foot column spacing and 342 auto parking spaces.
David Gross, managing director at Morgan Stanley Real Estate Investing, said in a prepared statement that continued investment in Northern Virginia’s digital infrastructure is creating opportunities for businesses and commercial real estate that support the sector’s growth.
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This past August, Morgan Stanley Real Estate Investing made a similar acquisition in Kansas City, Mo. The firm purchased a 1.5-million-square-foot industrial facility from Hunt Midwest for $158.5 million.
JLL’s Capital Markets Team representing Flint included Senior Managing Director Bill Prutting, Senior Director Craig Childs and Director Ginna Wallace in partnership with the Mid-Atlantic Industrial leasing partners Executive Managing Director John Dettleff and Senior Managing Director Dan Coats.
Northern Virginia industrial market rebounds
Late last year, Christopher Dale, a senior director in JLL Capital Markets’ Mid-Atlantic office, explained some of the ways that the hyperscale data center market in Northern Virginia has been affecting industrial tenants in the region, such as electrical component distributors.
The Northern Virginia industrial market rebounded in the third quarter, with 168,600 square feet of positive net absorption pulling year-to-date absorption to 71,000 square feet, according to a recent report from Cushman & Wakefield. Warehouse/distribution space was the main driver.
The average vacancy is 5.0 percent, expected to remain flat, on an inventory of 38.6 million square feet.
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