
Progressive Site - 12201 Old Columbia Pike - 2024
12201 Old Columbia Pike, Silver Spring, MD, 20904, US
14,734 sf
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present Wellington Center, a three-building light-industrial complex totaling 133,064 square feet in Gainesville, Virginia. This offering represents a rare acquisition opportunity in the supply-constrained Dulles-Manassas submarket.
The Property is 94% leased to 13 tenants across six industries, providing stable cash flow with growth potential. With a 3.75-year Weighted Average Lease Term (WALT) and in-place rents approximately 13% below market, Wellington Center offers a quick path to mark-to-market as 76% of the space expires within five years.
Market fundamentals in Dulles-Manassas are exceptionally strong with 41% rent growth since 2021 and a tight 3.1% vacancy rate. The Property stands to benefit as over 7 million square feet of industrial space is expected to be displaced by data center development over the next three years.
Wellington Center offers both immediate stability through its diverse tenant roster and compelling value-add potential through below-market rents. The Property's strategic location, transportation connectivity, and flexible and functional configurations position it to capitalize on the displacement trend that has driven 8% annual rent growth over the past 5 years. As data centers continue consuming industrial supply, Wellington Center represents a premier investment opportunity in Northern Virginia's tightening market.
EXCEPTIONAL OCCUPANCY AND STABILITY
FUNCTIONAL AND VERSATILE FLEX ASSET
STRENGTHENING MARKET FUNDAMENTALS
STRATEGIC INFILL LOCATION
DATA CENTER-DRIVEN, SUPPLY CONSTRAINED REGION