Single-Tenant Office

Kelly Square - 1077 Main Street

10777 Main St, Fairfax, VA 22030

Listing Price: $16,250,000

Cap Rate
9.00%
Gross SF
145,080
Rentable SF
72,505
Price/Gross SF
$112.01
Lot Size
2.05 acres
Year Built
1985

Investment Overview

The Property has been the home of the Fairfax County Health Department for nearly 20 years. This stable operation has remained roughly the same size during that duration and another 10% of the building is available for future expansion. However, the County for the moment has no further expansion plans other than consideration of the Property’s drive-thru for a potential transmission-safe information, testing and or vaccination center. While the Property is improved with lab facilities, it is not being used as a Covid-19 testing or treatment facility. However, due to confusion when Covid-19 first emerged, County residents were arriving at the property looking for testing options. Thus, security and largely exclusive use of the building have proven to be tremendous assets of the Property not previously realized during the recent three-year renewal pre-dating the outbreak. As new waves, resurgence, resistance, and even new pandemics emerge over time, county health departments need critical facilities that support the critical need for their work. Inspectors on the front lines of any crisis need a secure place to work and a trackable population within their office space. The Property as configured, with separated and secured departments, offers in-place reduction spread of exposure when little information is available at the outset of an outbreak. If the department had been in a larger government or multi-tenanted office complex this would have been a much more challenging situation for the County to manage.

Investment Highlights

  • While the County lease was negotiated for renewal prior to the arrival of Covid-19 in the region, the ability to contain and secure the building has proved ideal for the pandemic.
  • The Property has benefitted from strategic capital investments totaling over $750,000, including the atrium roof replacement, parking lot milling and overlay, restroom upgrades, and HVAC upgrades.
  • The well-known and established location on Main Street(35,000 VPD) is adjacent to nearby surgery and medical buildings; the adjacent medical building dates back to 1960's just sold for $317/SF in 2019

Exclusively Listed By

  • Robert Filley

    First Vice President Investments

    (202) 536-3736

    Email Robert

    License(s): DC: sp98366082, MD: 579129, VA: 0225 079990

    Washington, D.C.

  • John R. Heilig

    Vice President Investments

    Email John

    License(s): DC: SP98365171, MD: 621822, VA: 0225179951

    Washington, D.C.

  • Chandler Pace

    Senior Associate

    (202) 536-3744

    Email Chandler

    License(s): VA: 0225211596, DC: SP200203415, MD: 678875

    Washington, D.C.

  • Christopher C. Dale

    Associate

    (202) 536-3774

    Email Christopher

    License(s): VA: 0225233818

    Washington, D.C.

Single-Tenant Office

Kelly Square - 1077 Main Street

Listing Price: $16,250,000

Cap Rate
9.00%
Gross SF
145,080
Rentable SF
72,505
Price/Gross SF
$112.01
Lot Size
2.05 acres
Year Built
1985

Investment Highlights

  • While the County lease was negotiated for renewal prior to the arrival of Covid-19 in the region, the ability to contain and secure the building has proved ideal for the pandemic.
  • The Property has benefitted from strategic capital investments totaling over $750,000, including the atrium roof replacement, parking lot milling and overlay, restroom upgrades, and HVAC upgrades.
  • The well-known and established location on Main Street(35,000 VPD) is adjacent to nearby surgery and medical buildings; the adjacent medical building dates back to 1960's just sold for $317/SF in 2019

Investment Overview

The Property has been the home of the Fairfax County Health Department for nearly 20 years. This stable operation has remained roughly the same size during that duration and another 10% of the building is available for future expansion. However, the County for the moment has no further expansion plans other than consideration of the Property’s drive-thru for a potential transmission-safe information, testing and or vaccination center. While the Property is improved with lab facilities, it is not being used as a Covid-19 testing or treatment facility. However, due to confusion when Covid-19 first emerged, County residents were arriving at the property looking for testing options. Thus, security and largely exclusive use of the building have proven to be tremendous assets of the Property not previously realized during the recent three-year renewal pre-dating the outbreak. As new waves, resurgence, resistance, and even new pandemics emerge over time, county health departments need critical facilities that support the critical need for their work. Inspectors on the front lines of any crisis need a secure place to work and a trackable population within their office space. The Property as configured, with separated and secured departments, offers in-place reduction spread of exposure when little information is available at the outset of an outbreak. If the department had been in a larger government or multi-tenanted office complex this would have been a much more challenging situation for the County to manage.

Exclusively Listed By

  • Robert Filley

    First Vice President Investments

    (202) 536-3736

    Email Robert

    License(s): DC: sp98366082, MD: 579129, VA: 0225 079990

    Washington, D.C.

  • John R. Heilig

    Vice President Investments

    Email John

    License(s): DC: SP98365171, MD: 621822, VA: 0225179951

    Washington, D.C.

  • Chandler Pace

    Senior Associate

    (202) 536-3744

    Email Chandler

    License(s): VA: 0225211596, DC: SP200203415, MD: 678875

    Washington, D.C.

  • Christopher C. Dale

    Associate

    (202) 536-3774

    Email Christopher

    License(s): VA: 0225233818

    Washington, D.C.

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