CoStar Realty Information, August 19, 1999

Velsor Acquires 4 Properties

$15 Million Buys Office, Flex and Industrial Portfolio

Velsor Properties of Tysons Corner, VA acquired a 4-building, office, flex and industrial portfolio totaling 215,000 square feet. The Sullyfield Business Park structures were purchased from Transcontinental Realty Investors for $15 million ($69.76/square foot). The properties, 14120, 14121, 14140 and 14141 Parke-Long Court, sit on a site area of 14.2 acres in Chantilly, VA. Lawrence Horowitz, Velsor president and CEO, commented, "It was unusual to be able to acquire 4 fine buildings in Sully Business Park adjacent to the 2 buildings we already own. This concentration offers Velsor Properties great marketing and operating efficiencies." Don Devine of Devine Commercial brokered the transaction. Combined, the 4 properties are 91.3% leased. With this purchase, Velsor now owns 15 Northern Virginia properties.

By: Adrienne Murray (8/20/1999)