{"id":1004607846,"date":"2022-10-20T03:29:25","date_gmt":"2022-10-20T11:29:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004607846"},"modified":"2022-12-09T00:35:28","modified_gmt":"2022-12-09T08:35:28","slug":"matan-cos-breaks-ground-on-suburban-dc-industrial-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/matan-cos-breaks-ground-on-suburban-dc-industrial-park\/","title":{"rendered":"Matan Cos. Breaks Ground on Suburban DC Industrial Park"},"content":{"rendered":"

Matan Cos<\/strong>. prepares to add a new speculative offering to the hungry industrial market in the suburbs of Washington, D.C., as the company breaks ground on Redstone Industrial. The two-building park will encompass a total of 242,000 square feet of Class A space in Manassas, Va.<\/p>\n

Matan\u2019s commencement of Redstone comes two years after the delivery of its first project in Northern Virginia<\/a>, Parkway 66, a successful, 188,000-square-foot spec development also located in Manassas.<\/p>\n

\n

READ ALSO<\/strong>: Top 5 Markets for Industrial Construction Activity<\/a><\/p>\n

\n

In 2021, Matan acquired a nearly 47-acre site to continue its expansion in Prince William County with the development of Redstone. Located at 11501 University Blvd., the project was originally planned for four buildings. However, earlier in 2022, Matan downsized the project with the sale of approximately 22 acres of the site to Mount Sinai Properties<\/strong> in a transaction valued at roughly $36.7 million, according to Prince William County records.<\/p>\n

\"Redwood<\/a>

Redwood Industrial. Image courtesy of Matan Cos.<\/p><\/div>\n

Redstone will consist of one 104,000-square-foot building and a 138,000-square-foot building, both of which will incorporate such coveted elements as 32-foot clear ceiling heights, tilt-up concrete construction, 60-foot speed bays, LED lighting and ESFR sprinkler systems.<\/p>\n

Location, location, location<\/h2>\n

Demand for industrial space<\/a> across the U.S. remains robust, and Northern Virginia is no exception. Like Matan\u2019s first project in Manassas, Redstone will sit within the booming I-66 Corridor. The property, located near the FBI Headquarters, is also part of the Data Center Overlay District. Matan designed Redstone to accommodate a range of industrial tenants, including data centers, biotech businesses and those seeking last-mile facilities.<\/p>\n

Redstone is positioned, literally, in a high-demand location and the numbers tell the story. The vacancy rate in the Greater Manassas area in the third quarter of 2022 was a low 1.6 percent, according to a report by JLL<\/strong>. And Northern Virginia led the way in Metropolitan Washington, D.C.\u2019s total absorption, with approximately 217,000 square feet.<\/p>\n

\u201cSpeculative product around the market [is] fueling occupancy gains,\u201d according to the JLL report. \u201c[With] vacancies and availabilities within existing product at historical lows coupled with 3.2 million square feet currently under construction, positive absorption and rent growth is expected to continue.\u201d<\/p>\n

Matan has already seen notable early leasing activity for Redstone. The company expects to complete shell buildings in the summer of 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Preleasing has been strong for this project on the supply-constrained I-66 Corridor.<\/p>\n","protected":false},"author":969,"featured_media":1004607875,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,22251,21748,11,21742,1615],"tags":[32796,34082],"class_list":["post-1004607846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-in-focus","category-industrial","category-midatlantic","category-latest","category-washington-dc","tag-jll","tag-matan-companies"],"acf":[],"yoast_head":"\nMatan Cos. 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