920 Corporate, LLC – SOLD

Location:

920 Corporate Lane, Chesapeake, VA 23320

Description:

920 Corporate Lane and 916 Corporate Lane was sold as a package investment disposition to a regional organization for their corporate headquarters. Patrick L. Reynolds, CCIM with NAI Dominion handled the negotiation and sale on behalf of Ashby Development.

920 Corporate, LLC was acquired as a Sale/Lease Back opportunity from an international company with a strong credit rating. In the transaction Ashby Development agreed to purchase the property at a competitive market price and upon finalizing the purchase transaction the previous owner agreed to lease the property for an extended term. In this transaction it allowed Ashby Development to purchase a great property in a superior location and secured an international tenant on a long-term lease. The current owner and continued tenant was able to make use of capital that was in the property and transfer the responsibility of maintaining the property to the professional staff of Ashby Development. A true win-win transaction that has benefited both Ashby Development as the new owner and the previous owner and now existing tenant.

920 Corporate, LLC is a 33,000 square feet office/R&D/Testing plus an 1,800 square foot detached fully conditioned warehouse. The building consist of a two story structure with +/- 21,000 square feet located on the first floor featuring a primary open main lobby and secondary lobby area, kitchenette with large café seating area, ample restrooms with locker room and showers, shipping and receiving area including two grade level overhead doors and an in-ground truck well with dock lever, private office suites, large open office areas, testing rooms, R&D spaces, and storage areas. The +/- 12,000 second floor consist of a number of private office suites, conference rooms, open area office spaces, restrooms, and a secondary kitchenette. Facility originally constructed to design, build, and test electronic components with ample electrical supply for normal office usage. Building layout works well for single or multi-tenant users. Detached 1,800 square foot warehouse is fully conditioned with gas fired heaters and standalone HVAC unit for cooling. The building is fully covered by a wet sprinkler fire suppression system and the HVAC system consist of water source heat pumps in a closed loop with a boiler and cooling tower.