Victoria Industrial Properties, a real estate investment firm founded by veteran industry executive Jacob Schulder, has completed its first acquisition with the purchase of a seven-building industrial and flex portfolio in Northern Virginia’s Dulles Corridor, a transaction representing a $75 million capitalization.
The New Jersey-based firm acquired the portfolio from Klein Enterprises in partnership with Lincoln Equities Group, with InterVest Capital Partners providing LP equity. JLL Capital Markets arranged acquisition financing and helped facilitate the equity investment on behalf of Victoria.
The portfolio totals 308,656 square feet across 40 suites and was approximately 90 percent occupied at closing. The seven shallow-bay and flex industrial buildings include 45745 Nokes Boulevard in Sterling; 380 and 400 Herndon Parkway in Herndon; and Chantilly Plaza I-IV at 14155, 14175, 14201 and 14225 Sullyfield Circle in Chantilly.
The properties serve a diverse roster of industrial, technology, defense, healthcare, distribution and service-oriented tenants, including Honeywell, defense technology company Artis, Nightwing, Capital Electric and Inova’s blood donor and distribution facility. The buildings feature a mix of drive-in and dock-high loading and are positioned near Washington Dulles International Airport and major transportation routes serving Northern Virginia and the greater Washington, D.C. region.
Northern Virginia’s Dulles Corridor has emerged as a major global center for data center development, a trend that has affected the supply of conventional industrial and flex properties as sites are converted or redeveloped for data center use. The resulting contraction in industrial inventory, coupled with demand from the region’s concentration of defense, technology, healthcare and government-related businesses, was a central factor in Victoria’s investment thesis for the acquisition.
“This acquisition reflects the investment strategy I had in mind when I formed Victoria Industrial Properties,” said Schulder. “We’re looking for industrial assets in strong markets where there are identifiable opportunities to create additional value. The Dulles Corridor is particularly compelling because data center development continues to reduce an already limited supply of industrial and flex space, resulting in favorable leasing dynamics for the remaining inventory. We believe those fundamentals support a compelling long-term environment for these assets.”
Prior to launching Victoria Industrial Properties, Schulder spent 13 years as a founding principal of Excelsior Equities, where he oversaw real estate investment, asset management and operations and worked closely with institutional and high-net-worth investors. Victoria is pursuing both flex and traditional warehouse properties across East Coast markets, working closely with investment partners as it grows its portfolio.
The JLL Capital Markets team that arranged the financing and helped facilitate the equity investment for Victoria’s Dulles Corridor acquisition was led by Senior Managing Director Thomas E. Didio, Managing Director Jason Lundy, Senior Directors Max Custer, Evan Parker and Craig Childs, Director Nazario Paragano and Associate John Cumming.
About Victoria Industrial Properties
Victoria Industrial Properties, based in New Jersey, is a specialized real estate investment firm focused on acquiring industrial properties across the East Coast with significant potential for revenue optimization and value creation. The firm’s leadership team brings decades of experience across the real estate industry, with deep expertise in the acquisition, development, and management of properties spanning a broad range of asset classes. Collectively, the team has a track record of more than $2 billion in acquisitions and 5 million square feet of development. Building on this experience, Victoria Industrial Properties is embarking on a new phase of growth. More information can be found on the company’s website: www.victoria-industrial.com.