Sold at a Record Cap Rate for a Frito-Lay Property on the East Coast
Washington D.C. — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the $8.15 million sale of a Frito-Lay Distribution Center in a Washington D.C. suburb. The property sits on over two acres, located at 44860 Acacia Lane, Sterling, VA. Senior Vice President and Senior Director Alexander Harrold represented the seller in the transaction.
The property is still in its infancy at just three years old and was sold at a 4.55 percent cap rate, a record for a Frito-Lay leased asset on the East Coast. Matthews™ worked alongside the seller, an investment firm and repeat client, to sell the 10,695 square-foot single tenant distribution center to a private Northeast buyer looking for an upleg in their 1031 Exchange transaction.
“The buyer was able to acquire a high functioning distribution hub, leased to a long-term credit tenant with annual rent increases, making this a highly desirable investment,” said Harrold.
The distribution center features 10 docks and large yard space utilized for truck loading and parking. Located in what is known as Data Center Alley or the Dulles Technology Corridor, the distribution center is in proximity to multiple technology firms nearby Washington D.C. and Dulles International Airport.
“This deal showcases the importance of forging long-standing client relationships,” said Harrold. “I was able to execute a deal at an aggressive cap rate that met the needs of both parties, placing them in perfect positions to expand their portfolios in the Northeast.”
For more information, or to contact Alexander Harrold, please visit www.matthews.com.
About Matthews™
Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 14 offices across the United States, continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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