Stewart Investment Partners has purchased a five-building office park in Sterling known as Plaza @ Loudoun Tech for $11.8 million, according to people familiar with the deal.
Stewart Investment secured the office park from Aetna Life Insurance Co.
Commercial real estate firm Edge brokered the sale.
Developed in 1989, the 113,000-square-foot business park is located at 46000-46050 Manekin Plaza near the intersection of Cascades Parkway and Nokes Boulevard.
Existing tenants include Inova, Toyon Research Corporation and Schnabel Engineering.
The park is around 60 percent occupied. Edge has been retained as the exclusive leasing firm by the new ownership group, with Regional Manager Scott Rabin and Senior Vice President Todd McManus handling the requirement on behalf of the brokerage firm.
“This asset checked all the boxes desired in today’s office investment market – discount to replacement cost, leasing upside, and the future potential for substantial increase in density of a one-story office product,” Joe Friedman, partner and head of the Capital Markets Group, said in a prepared statement. “This interest was further accentuated by the long-term implications of the business park’s placement within a designated Opportunity Zone and the potential for up-zoning and subsequent higher density potential as it relates to Loudoun County’s updated 2040 Vision Master Plan.”
The building includes all-brick exteriors accented by a window line contained on all sides, and a free surface parking lot surrounds the plaza.