Manassas industrial clears at $244 a foot on land, not building

Stream Realty Partners has brokered the $25 million sale of 10904 Carolina Drive, a 102,500-square-foot industrial property in Manassas, Virginia, with its Caulley Deringer, Steve Cloud and Andrew Hassett overseeing the assignment and its leasing desk staying on afterward. Divide the price by the building and the trade clears at roughly $244 a square foot, a number whose case rests on what sits outside the walls.

The specs run to 27-foot clear heights, eight loading docks, two drive-in doors, one ramped drive-in, an on-site truck scale and more than two acres of outdoor storage, but of those only the truck scale and the yard are land; the rest is construction budget. The house view of industrial treats operator, basis and data-center pull as heavier than the shell itself, and the address does its part, sitting in the Interstate 66/Manassas submarket of Prince William County within reach of Interstate 95, Manassas Regional Airport and Washington Dulles International.

Deringer, identified in the release as a managing director at Stream, reads the sale as evidence of continued industrial strength in Northern Virginia, with investors still "highly active" in western Prince William County — a broker's description of a submarket he has just priced. The coverage names neither buyer nor seller and gives no cap rate and no in-place rents, which leaves the price per square foot as the only number the trade surrenders.

The repricing in industrial has split in two: infill and supply-chain-linked product keeps a bid while older stock marks time, and the clearing price follows the land rather than the building. This trade sits on the first side of that line on the strength of the yard, the truck scale and the Interstate 66 location.

The new owner takes possession of a Manassas box and hands the rent story back to the team that marketed it, the shape of a basis purchase in which the underwriting lives in the two acres and the truck scale while the rent-roll work is delegated. The same question has followed other trades — what the number is pricing — and here the answer reads as dirt and access ahead of twenty-seven feet of clear height.

If that read holds, the test is the next comparable building in Prince William County with less outdoor storage. A print near $244 a foot would say the yard was not doing the work.