PROPOSAL FOR AGENCY LEASING SERVICES MARCH 2024 14600 WILLARD ROAD, CHANTILLY, VA 20151
THE OPPORTUNITY 14600 WILLARD ROAD I 2 Thank you for the opportunity to provide agency leasing services for 14600 Willard Road. Building a collaborative relationship with ownership and integrating innovative strategies and solutions are imperative for effectively overseeing a thriving leasing program. We consider this property an excellent opportunity to partner with Thos. Somerville Co. & TSC Realty Services for a positive outcome. RYAN MOODY Principal [email protected] 703-268-2739 MARC TASKER, CCIM, SIOR Principal [email protected] 702-268-2735 PREPARED BY: KEENAN WOOFTER Vice President [email protected] 703-268-2744 14600 WILLARD ROAD
TABLE OF CONTENTS 1 4 2 5 TEAM OVERVIEW Meet the Team Who is KLNB NAI Global Featured Clients Served Current Market Listings Select NOVA Lease & Sale Transactions Existing Chanilly Market Presence MARKET OVERVIEW 2023 EOY Market Report Select Lease Comparables Competitive Buildings Aerial 3 PROPERTY ANALYSIS Property Specifications Lease-Up Assumptions Site Notes MARKETING PROCESS Prospecting Marketing Timeline Sample VTS Leasing Report SAMPLE MARKETING FLYER Sample Marketing Flyer
TEAM OVERVIEW
14600 WILLARD ROAD I 5 TEAM OVERVIEW MEET YOUR TEAM MARC TASKER, CCIM, SIOR PRINCIPAL Flex/Industrial, Leasing/Sales Marc Tasker joined KLNB in 1998 and specializes in the sale and leasing of office and industrial properties in Northern Virginia and Washington, D.C. Marc has advised both local and institutional Landlords as well as a variety of tenants in the region. He has over 26 years of experience in commercial brokerage and focuses on development, sales and leasing in Northern Virginia. He was awarded the Certified Commercial Investment Member (CCIM) designation in 2002 and has he earned his Society of Industrial and Office Realtors (SIOR) designation in 2004. He is licensed in Virginia, Maryland and the District of Columbia. RYAN MOODY PRINCIPAL Flex/Industrial, Leasing/Sales Ryan Moody joined KLNB in 2009 and has over 28 years of experience in the commercial real estate industry. His primary focus is on the representation of private and institutional Landlords in the leasing and sales of warehouse and flex properties in Northern Virginia and Maryland. Ryan specializes in advising owners and developers on the design, marketing, positioning, and lease-up of their assets to achieve the highest returns. Additionally, he has represented a range of owners and tenants in the selection, purchasing, and/or disposition of properties throughout Northern Virginia and Maryland. Mr. Moody is licensed as an Associate Broker in Maryland and Virginia. KEENAN WOOFTER VICE PRESIDENT Flex/Industrial, Leasing/Sales Keenan Woofter joined KLNB in 2019, where he negotiates leasing and sales transactions for industrial, flex, and office properties in Northern Virginia and Maryland. Keenan represents local and institutional landlords in the lease-up of their assets and regional and national tenants seeking property solutions in the Washington Metro area. He utilizes his deep comprehension of the unique intricacies and dynamics present within the market to assist clients with their real estate requirements. Keenan holds a Bachelor of Science in Business Administration from St. Joseph’s University with a major in Sports Marketing and a minor in Finance. AFFILIATIONS • Certified Commercial Investment Member (CCIM) • Society of Industrial and Office Realtors (SIOR) • Member, Northern Virginia Association of Industrial and Office Properties (NAIOP) • Member, Greater Washington Commercial Association of Realtors • Founding Member, Washington Real Professional Network AFFILIATIONS • National Association of Industrial and Office Parks (NAIOP) • Member, Northern Virginia Association of Industrial and Office Properties • Associate Broker, Maryland AFFILIATIONS • National Association of Industrial and Office Parks (NAIOP) • Member, Northern Virginia Association of Industrial and Office Properties • Society of Industrial and Office Realtors (SIOR), Member Associate
14600 WILLARD ROAD I 6 TEAM OVERVIEW WHO IS KLNB KLNB is the mid-Atlantic’s largest independent brokerage—a partner-owned and -operated firm offering comprehensive support and premier representation in retail, office, and industrial leasing and sales complemented by full-service financing and property management. Armed with razor-sharp expertise and over 55 years of experience, we go to bat for our clients—adopting their goals and mindsets to deliver results that advance and enhance their long-term objectives. State-of-the-Art Technology & Industry Databases In-house Marketing & Design Team PARTNER OWNED, COLLABORATIVE APPROACH 110 BROKERS 140 EMPLOYEES 55 PRINCIPALS BALTIMORE, MD COLUMBIA, MD ROCKVILLE, MD WASHINGTON, D.C. TYSONS, VA STRATEGICALLY LOCATED IN THE MID-ATLANTIC FOUNDED IN BALTIMORE IN 1968 Tenant Representation Landlord Representation Investment Sales Property Management Asset Management Facilities Management Financing Financial Analysis Research Marketing & Branding COMMERCIAL REAL ESTATE SERVICES BY THE NUMBERS 2023 SYNERGISTIC INDUSTRY EXPERTISE $2B TRANSACTION VOLUME RETAIL DATA CENTER 9M SF LEASED & SOLD HEALTHCARE BROKERAGE INDUSTRIAL 40M SF UNDER MANAGEMENT LAND 1,385 TRANSACTIONS OFFICE GOVERNMENT ADVISORY MULTI-FAMILY
14600 WILLARD ROAD I 7 TEAM OVERVIEW NAI GLOBAL 36 COUNTRIES 350+ GLOBAL OFFICES 6,000 PROFESSIONALS $20B ANNUAL TRANSACTION VOLUME KLNB is affiliated with NAI Global, the single largest, most powerful global network of owner-operated commercial real estate brokerage firms in the world. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global holds our vital market edge with over 350 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific. We have 6,000 local market professionals managing more than 1.1 billion square feet of property and facilities. Our experienced sales leaders allow us to effectively penetrate primary, major, secondary and tertiary markets worldwide - serving your needs in every sector. Strong investor relationships, efficient platforms, and property- and market-specific expertise allow us to close transactions in the most efficient manner. PERSONAL. GLOBAL. PROFESSIONAL.
14600 WILLARD ROAD I 8 TEAM OVERVIEW 152 TRANSACTIONS 2,628,855 SQUARE FEET LEASED & SOLD 171 ACRES OF LAND SOLD $414,659,767 GROSS TRANSACTION VALUE FEATURED LIST OF CLIENTS SERVED 2023 INDUSTRIAL TRANSACTIONS
14600 WILLARD ROAD I 9 TEAM OVERVIEW CURRENT MARKET LISTINGS D U L L E S C O M M E R C E CENTER 219,862 SF 14805 WILLARD ROAD 116,680 SF W I N D S O R AT BATTLEFIELD 102,390 SF DULLES SOUTH III 79,896 SF D AV I N / D AV I S MANASSAS PORTFOLIO 212,386 SF WA L N E Y B U S I N E S S CENTER 122,812 SF DALYBROOK PORTFOLIO 132,390 SF A I R P O R T C O M M E R C E CENTER 408,000 SF DULLES DESIGN CENTER 106,068 SF
TEAM OVERVIEW 14600 WILLARD ROAD I 10 EXISTING CHANTILLY MARKET PRESENCE 50 John Mosby Hwy Sully Rd 50 28 14600 WILLARD RD SUBJECT SITE LISTINGS TOTAL SF: 335,480 SF NO. BUILDINGS: 11
14600 WILLARD ROAD I 11 TEAM OVERVIEW SELECT NOVA LEASE & SALE TRANSACTIONS L I N D E N B U S I N E S S C E N T E R - G AT E WAY C E N T E R PORTFOLIO, MANASSAS, VA: 212,280 SF | $46,280,000 SELLER REPRESENTATION 4 4 1 8 0 M E R C U R E C I R C L E , DULLES, VA: EZSVS USA | 51,200 SF TENANT REPRESENTATION 4 4 1 8 0 M E R C U R E C I R C L E , DULELS, VA: 51,200 SF |$13,629,200 SELLER REPRESENTATION 2 3 7 0 0 P E B B L E R U N P L A C E , DULLES, VA: SCP DISTRIBUTORS | 29,426 SF | LANDLORD & TENANT REPRESENTATION 1 4 3 1 0 S U L LY F I E L D C I R C L E , CHANTILLY, VA: 57,210 SF | $13,500,000 SELLER REPRESENTATION 7 24 5 C O P P E R M I N E D R I V E , MANASSAS, VA: AWS | 29,587 SF LANDLORD REPRESENTATION 2 3 7 5 0 P E B B L E R U N P L A C E , STERLING, VA: LKQ | 72,600 SF LANDLORD REPRESENTATOIN 1 4 3 1 0 S U L LY F I E L D C I R C L E , DULLES, VA: VERRAXX | 31,838 SF LANDLORD REPRESENTATION 2 2 7 0 5 C O M M E R C E C E N T E R DRIVE, STERLING, VA: EASTERNS | 77,488 SF LANDLORD REPRESENTATION 7 2 0 1 -7 3 0 1 G AT E WAT C O U R T, MANASSAS, VA: AIMPOINT | 34,036 SF LANDLORD REPRESENTATION 74 3 3 C U S H I N G R O A D , MANASSAS, VA: GIANT | 82,152 SF TENANT REPRESENTATION 1 4 8 0 5 W I L L A R D R O A D , CHANTILLY, VA: LANDSCAPE SUPPLY | 36,520 SF | LANDLORD REPRESENTATION
MARKET OVERVIEW
14600 WILLARD ROAD I 13 MARKET OVERVIEW The Northern Virginia industrial market saw continued low vacancy throughout the year, however, some cracks in the armor reared their head closing out the 4th Quarter. While this has not yet impacted rental rate growth, it has slowed the rapid pace of acceleration. Unfortunately for tenants, the protracted supply-demand imbalance has offered no relief on valuations and record-high rental rates. While overall net absorption for the year was a positive 365,823 SF, it was significantly off from prior years with the Dulles Corridor going negative for 2023. As such vacancy rates edged up to 3.6% to close the year. Pre-leasing activity slowed across the three major submarkets with some new projects delivering vacant. In addition, a number of large block spaces and subleases have hit the market with some tenants having overestimated their operational needs and others choosing to leave the market. Should these trends continue without an increase in absorption rental rate growth will be flat, but remain elevated, going forward. 2023 ushered in rates pushing past $20 NNN for the first time on Class A product, primarily in the Dulles Corridor where no new products were delivered. With interest rates remaining elevated, an uncertain economic forecast, and worldwide tensions, we anticipate a more moderate pace of leasing velocity in both the Industrial and Flex product type. New construction has remained in check with the absorption of the majority of development sites by Data Centers. We will, however, see new deliveries in both the Rt. 29 I-66 and Dulles Corridors in 2024. Barring any major shock to the economy fundamentals will remain strong for the foreseeable future. WHAT HAPPENED THIS YEAR? 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% -1500,000 -100,000 -50,000 0 500,000 1,500,000 1,000,000 2,000,000 VACANCY RATE NET ABSORPTION (SF) Net Absorption Vacancy Rate 2016 2017 2018 2019 2020 2021 2022 2023 NET ABSORPTION & VACANCY INVENTORY TOP LEASE TRANSACTIONS ADDRESS TENANT SIZE (SF) TRANSACTION TYPE SUBMARKET 8422 Wellington Road 1-800-Pack-Rat 119,952 New Route 29 / I-66 7305 Groveton Road Amazon Data Services 108,730 New Route 29 / I-66 6295 Edsall Road U-Haul 108,219 New Springfield 13600 Dabney Road Goodwill of Greater Washington 83,753 New Woodbridge 7201 Lockport Place 7201 Lockport, LLC 60,570 New Newington 42714 Trade West Drive Cassel's Sport & Awards 58,827 New Route 28 / Dulles North 44180 Mercure Circle EZSVS 51,200 New Route 28 / Dulles North 3900 Stonecroft Boulevard Cosmos Granite & Marble 47,255 Renwal Route 28 / Dulles North 45181 Global Plaza DB Schenker 45,181 New Route 28 / Dulles North 405 Glen Drive Federal Emergency Management 44,095 New Route 28 / Dulles North THERN VIRGINIA TRIAL - INDUSTRIAL CORRIDOR # OF BUILDINGS TOTAL INVENTORY (SF) VACANCY RATE (%) NET ABSORPTION (YTD) NNN ASKING RENT ($) UNDER CONSTRUCTION (SF) I-95 Corridor 563 20,904,982 4.8 104,778 13.54 88,322 Dulles Corridor 389 20,100,390 2.6 -345,291 16.39 506,020 Rte. 29 / I-66 Manassas Corridor 448 15,604,511 3.3 606,336 14.76 365,274 OVERALL 1,400 56,609,883 3.6 365,823 14.89 959,616 MARKET TRENDS NET ABSORPTION VACANCY RATE ASKING RATES MARKET INVENTORY CONSTRUCTION 2023 EOY MARKET REPORT The Northern Virginia industrial market saw continued low vacancy throughout the year, however, some cracks in the armor reared their head closing out the 4th Quarter. While this has not yet impacted rental rate growth, it has slowed the rapid pace of acceleration. Unfortunately for tenants, the protracted supply-demand imbalance has offered no relief on valuations and record-high rental rates. While overall net absorption for the year was a positive 365,823 SF, it was significantly off from prior years with the Dulles Corridor going negative for 2023. As such vacancy rates edged up to 3.6% to close the year. Pre-leasing activity slowed across the three major submarkets with some new projects delivering vacant. In addition, a number of large block spaces and subleases have hit the market with some tenants having overestimated their operational needs and others choosing to leave the market. Should these trends continue without an increase in absorption rental rate growth will be flat, but remain elevated, going forward. 2023 ushered in rates pushing past $20 NNN for the first time on Class A product, primarily in the Dulles Corridor where no new products were delivered. With interest rates remaining elevated, an uncertain economic forecast, and worldwide tensions, we anticipate a more moderate pace of leasing velocity in both the Industrial and Flex product type. New construction has remained in check with the absorption of the majority of development sites by Data Centers. We will, however, see new deliveries in both the Rt. 29 I-66 and Dulles Corridors in 2024. Barring any major shock to the economy fundamentals will remain strong for the foreseeable future. WHAT HAPPENED THIS YEAR? 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% -1500,000 -100,000 -50,000 0 500,000 1,500,000 1,000,000 2,000,000 VACANCY RATE NET ABSORPTION (SF) Net Absorption Vacancy Rate 2016 2017 2018 2019 2020 2021 2022 2023 NET ABSORPTION & VACANCY INVENTORY TOP LEASE TRANSACTIONS ADDRESS TENANT SIZE (SF) TRANSACTION TYPE SUBMARKET 8422 Wellington Road 1-800-Pack-Rat 119,952 New Route 29 / I-66 7305 Groveton Road Amazon Data Services 108,730 New Route 29 / I-66 6295 Edsall Road U-Haul 108,219 New Springfield 13600 Dabney Road Goodwill of Greater Washington 83,753 New Woodbridge 7201 Lockport Place 7201 Lockport, LLC 60,570 New Newington 42714 Trade West Drive Cassel's Sport & Awards 58,827 New Route 28 / Dulles North 44180 Mercure Circle EZSVS 51,200 New Route 28 / Dulles North 3900 Stonecroft Boulevard Cosmos Granite & Marble 47,255 Renwal Route 28 / Dulles North 45181 Global Plaza DB Schenker 45,181 New Route 28 / Dulles North 405 Glen Drive Federal Emergency Management 44,095 New Route 28 / Dulles North THERN VIRGINIA TRIAL - INDUSTRIAL CORRIDOR # OF BUILDINGS TOTAL INVENTORY (SF) VACANCY RATE (%) NET ABSORPTION (YTD) NNN ASKING RENT ($) UNDER CONSTRUCTION (SF) I-95 Corridor 563 20,904,982 4.8 104,778 13.54 88,322 Dulles Corridor 389 20,100,390 2.6 -345,291 16.39 506,020 Rte. 29 / I-66 Manassas Corridor 448 15,604,511 3.3 606,336 14.76 365,274 OVERALL 1,400 56,609,883 3.6 365,823 14.89 959,616 MARKET TRENDS NET ABSORPTION VACANCY RATE ASKING RATES MARKET INVENTORY CONSTRUCTION
14600 WILLARD ROAD I 14 MARKET OVERVIEW SELECT LEASE COMPARABLES STREET ADDRESS SIGNED TENANT SF RATE TYPE ESCALATIONS (%) TERM FREE RENT TI'S 23700 Pebble Run Drive Sterling, VA 3/1/24 SCP Distributors 29,426 $21.00 NNN 4.0 60 0 $2.00 PSF 14801 Willard Road Chantilly, VA 2/26/24 Stone Basyx 52,937 $15.75 NNN 4.0 120 0 As-Is 14926 Willard Road Chantilly, VA 12/1/23 Consolidated Pipe Supply 25,550 $22.00 NNN 3.0 62 0 As-Is 44211 Mercure Circle Sterling, VA 12/1/23 JT Logistics Solutions 16,428 $23.00 NNN 3.0 62 0 As-Is 14280 Sullyfield Circle Chantilly, VA 11/1/23 Labcorp 44,689 $16.00 NNN 4.0 60 0 As-Is 3900 Stonecroft Boulevard Chantilly, VA 10/1/23 Cosmos 47,255 $17.00 NNN 4.0 60 0 As-Is 100 Powers Court Sterling, VA 8/4/23 Amazon 56,916 $20.50 NNN N/A 60 0 As-Is 45075 Old Ox Road Sterling, VA 8/1/23 Anixter 24,339 $23.00 NNN 5.0 12 0 As-Is 4151 Lafayette Center Drive Chantilly, VA 7/27/23 Pavion 27,757 $16.43 NNN 3.0 62 0 As-Is 45120 Global Plaza Sterling, VA 6/22/23 IT Renew, Inc 96,868 $18.25 NNN 4.0 36 0 As-Is 23700 Pebble Run Place Dulles, VA 4/1/23 USG 16,428 $23.00 NNN 4.0 84 0 $5.00 PSF 22445 Powers Court Sterling, VA 3/23/23 Raytheon Company 60,577 $20.00 NNN N/A N/A 0 N/A 44180 Mercure Circle Sterling, VA 2/17/23 EZSVS 51,200 $18.00 NNN 4.0 60 0 As-Is 14130 Sullyfield Circle Chantilly, VA 1/3/23 Veraxx Engineering 31,838 $15.20 NNN 3.0 60 0 As-Is
MARKET OVERVIEW 14600 WILLARD ROAD I 15 COMPETITIVE BUILDINGS AERIAL ARCOLA DULLES CHANTILLY DULLES INTERNATIONAL AIRPORT 28 John Mosby Hwy 50 50 28 267 267 606 606 Loudoun County Pkwy Sully Rd Dulles TCentreville Rd Fairfax CountyPk14600 WILLARD RD John Mosby Hwy SUBJECT SITE 25435 PLEASANT VALLEY ROAD 44080 LITTLE RIVER TPK 43035 JOHN MOSBY HWY DULLES WEST BOULEVARD 22810 QUICKSILVER DRIVE 1 2 3 4 5 STREET ADDRESS LANDLORD RATE BUILDING SIZE DELIVERY Dulles West Boulevard Sterling, VA St. John Properties $18.00 PSF NNN 29,040 SF - 45,120 SF Q4 2024 43035 John Mosby Hwy Chantilly, VA Elion Partners $23.50 PSF NNN 116,250 SF - 232,875 SF Q3 2024 44080 Little River Turnpike Chantilly, VA Becca LLC Low $20’s PSF NNN 70,400 SF Q4 2024 25435 Pleasant Valley Road Chantilly, VA Brookfield Properties Low $20’s PSF NNN 130,020 SF Q2 2024 22810 Quicksilver Drive Sterling, VA Quicksilver Drive LLC $22.00 PSF NNN 29,193 SF Q3 2024
PROPERTY ANALYSIS
14600 WILLARD ROAD I 17 PROPERTY ANALYSIS PROPERTY SPECIFICATIONS LOCATION DEAL STRUCTURE FACILITY PROFILE RENTAL RATE TENANT IMPROVEMENTS » Prime location in the heart of the Dulles Corridor with immediate access to Rt. 28 & Rt. 50. » Close proximity to IAD, I-66 and the Dulles Toll Road. » Situated among multiple government agencies including, NRO, FBI, CIA & DEA. » Prominent retail exposure to Willard and Lee Road » 5 - 10 years » 73,250 SF, 6.95 Acres » Parking Ratio of 1.65/1,000 SF » Tilt-up construction » 32’ clear height » 55’ x 50’ / 55’ x 65’ column spacing » ESFR sprinkler system » LED motion sensor light fixtures » Twenty-nine (29) dock doors » Three (3) oversize drive-in doors » Potential trailer storage area » $22.00 - $24.00 PSF NNN depending on term, TI, credit and size » Based on credit and conditions LEASE TERM
PROPERTY ANALYSIS 14600 WILLARD ROAD I 18 LEASE-UP ASSUMPTIONS • Suggest offering the building as a warm, lit, demised shell with stub-in for restrooms. Review adding small office and restrooms at least at one end to offer the possibility of immediate occupancy. During marketing we can provide prospects with a few speculative office designs and sizes that could be constructed simultaneous with completion of the building. • Based on current market conditions rental rates have begun to plateau, however with limited supply we do not see a return to previous levels. With retail exposure and a superior location, we believe a rental rate in the $22-24 range will be achievable upon delivery. We would not suggest advertising a rental but offer guidance in low 20’s. With a low land basis we have the luxury to undercut the new competitive set and this strategy gives us flexibility to aggressively pursue top credit worthy prospects. • Concessions have been minimal for warehouse deals over the past couple of years and we expect that trend to continue. We would suggest offering some Tenant Improvement dollars to credit worthy prospects in the amount of $1.00 PSF, per year of Lease Term as a starting point. • Assuming market conditions remain favorable we anticipate a full lease up within six months of delivery however we are likely to achieve a 75% lease-up potential by delivery.
PROPERTY ANALYSIS 14600 WILLARD ROAD I 19 SITE NOTES • Efficient, well-designed footprint that provides excellent exposure at a main intersection directly across from the National Reconnaissance Office (NRO). • The truck court has more than ample depth and provides a generous number of loading docks with drive-ins at each end. • Column spacing and ceiling height as proposed will be well received in the market. • If not part of the design, the front tilt up panels should incorporate punch out panels to extend glass line. This will allow flexibility to attract a user with a higher office ratio, a strong possibility in this submarket surrounded by Government Contractors. • Explore the possibility of moving transformer, sprinkler and electrical rooms to rear of building either in the middle or at one corner. This will permit the option for a more prominent center entrance incorporating additional glass line and parking with a cleaner front façade. • Parking is sufficient but based on the location of the building and the potential for users who are more flex oriented, an increased parking ratio will maximize the prospect base. These users typically pay higher rental rates than straight warehouse. • Explore the possibility of adding 2nd row of parking to the front left side of the building. • Either create or add punch out for left side entrance door mirroring the front entrance as majority of parking is on the side.
MARKETING PROCESS
14600 WILLARD ROAD I 21 Understanding the product and its value proposition to tenants in the marketplace is the key to success. 14600 Willard Road is well positioned in the Rt. 28 South Submarket. It is surrounded by Government Agencies including the NRO, FBI, CIA, and DEA and the contractors that serve them. These agencies and contractors have many warehouse/R&D requirements that are well suited for the Asset. In addition, our building depths, bay sizes, loading, and retail exposure are better suited for the variety of tenants in the submarket. These include local and national service industries, last mile distribution, logistics, and quasi retail users. These features along with our flexibility to subdivide offer a competitive advantage to the new product currently under construction. As such, we are very confident that we will see significant leasing activity prior to delivery. MARKETING PROCESS PROSPECTING FEE STRUCTURE DEVELOP LEASING STRATEGY » Meet with owner to understand objectives » Examine market and competition » Brainstorm with ownership » Formulate strategy CRAFT THE STORY » Identify key differentiators and building strengths » Develop key themes » Finalize positioning statement CREATE MARKETING MATERIALS » Select marketing tools that best tell the story » Produce custom marketing tools, i.e. brochure, direct mail, electronic marketing, advertising, social media, etc. TELL THE STORY » Implement marketing programs aimed at key brokers and prospects » Communicate via phone calls, direct mail, e-mail, events, public relations, etc. LEASE THE BUILDING » Create leasing momentum » Sign deals » Meet ownership objectives INDUSTRIAL FEE STRUCTURES: NEW DEALS AND RENEWALS With Co-Op Broker: 6.5% (Split 2.5% / 4%) Without Co-Op Broker: 4%
14600 WILLARD ROAD I 22 MARKETING PROCESS MARKETING TIMELINE PERFORMANCE TIMELINE ACTION 30 DAYS 60 DAYS 90 DAYS 120 DAYS 150 DAYS ±180 DAYS Finalize information on property Finalize flyer, marketing package, install sign (if appropriate) Prepare list of initial target prospects Introduce property to brokerage community Distribute information to the state & county Distribute information to NAI Global & SIOR Initial outreach to targeted prospects Begin telemarketing to targeted prospects Field inquiries & discuss prospect requirements Tour facility with prospects Continue discussions with prospects Initiate negotiations with prospects Review prospect profiles & financials Begin lease review & negotiations Targeted lease up within 180 days ±180 DAYS
MARKETING PROCESS 14600 WILLARD ROAD I 23 SAMPLE VTS LEASING REPORT Leases Out TOTAL SF 65K WTD. AVG. NER/SF $0.00 WTD. AVG. FREE RENT 0 mo. WTD. AVG. TI/SF $0.00 WTD. AVG. TERM 0 mo. DATE TENANT REQUIREMENT DETAILS BROKER TOTAL SF ASSET FLOOR, SPACE 03/19/24 New Deal Lead: Keenan Woofter SCP Distributors LLC Distributors 25,000 - 30,000 SF Target Commencement: 04/01/24 - 30,000 14600 Willard Road - Keenan Woofter - 03/19/24 Lease out for signature 03/19/24 New Deal Lead: Keenan Woofter American Residential Services LLC Construction 25,000 - 35,000 SF Target Commencement: 07/01/24 - 35,000 14600 Willard Road - Keenan Woofter - 03/19/24 Lease with tenant's counsel for review
MARKETING PROCESS 14600 WILLARD ROAD I 24 SAMPLE VTS LEASING REPORT LOI TOTAL SF 50K WTD. AVG. NER/SF $0.00 WTD. AVG. FREE RENT 0 mo. WTD. AVG. TI/SF $0.00 WTD. AVG. TERM 0 mo. DATE TENANT REQUIREMENT DETAILS BROKER TOTAL SF ASSET FLOOR, SPACE 03/19/24 New Deal Lead: Keenan Woofter World Pac Warehousing 20,000 - 25,000 SF Target Commencement: 08/01/24 - 25,000 14600 Willard Road - 03/19/24 New Deal Lead: Keenan Woofter Flagship Car Wash Warehousing 20,000 - 25,000 SF Target Commencement: 06/01/24 - 25,000 14600 Willard Road -
MARKETING PROCESS 14600 WILLARD ROAD I 25 SAMPLE VTS LEASING REPORT Touring 8 WEEKS TOURING ACTIVITIES 5 01 0 02 0 03 0 04 0 05 0 06 0 07 0 08 BROKERS FIRM INDUSTRIES Warehousing 60.00% Distributors 20.00% Technology 20.00% SIZE RANGE 15,001 - 20,000 SF 10% 20,001 - 25,000 SF 0% 25,001 - 30,000 SF 19% 30,001 - 35,000 SF 45% 35,001 - 40,000 SF 26% DATE TENANT REQUIREMENT DETAILS BROKER TOTAL SF ASSET FLOOR, SPACE 03/19/24 New Deal Lead: Keenan Woofter Fastenal Company Distributors 8,000 - 16,000 SF Target Commencement: 06/01/24 - 16,000 14600 Willard Road - 03/19/24 New Deal Lead: Keenan Woofter Undisclosed Marble & Granite Co Warehousing 25,000 - 35,000 SF Target Commencement: 06/01/24 - 35,000 14600 Willard Road - 03/19/24 New Deal Lead: Keenan Woofter Daikin Industries,Ltd. Warehousing 25,000 - 30,000 SF Target Commencement: 07/01/24 - 30,000 14600 Willard Road - 03/19/24 New Deal Lead: Keenan Woofter Parsons Corporation Technology 30,000 - 35,000 SF Target Commencement: 08/01/24 - 35,000 14600 Willard Road - 03/19/24 New Deal Lead: Keenan Woofter Alora USA Warehousing 30,000 - 40,000 SF Target Commencement: 09/01/24 - 40,000 14600 Willard Road -
MARKETING PROCESS 14600 WILLARD ROAD I 26 SAMPLE VTS LEASING REPORT Inquiries BROKERS FIRM INDUSTRIES Warehousing 60.00% IT Services 20.00% Professional & Commer... 20.00% SIZE RANGE 14,001 - 22,000 SF 24% 22,001 - 30,000 SF 38% 30,001 - 38,000 SF 0% 38,001 - 46,000 SF 0% 46,001 - 55,000 SF 38% DATE TENANT REQUIREMENT DETAILS BROKER TOTAL SF ASSET FLOOR, SPACE 03/19/24 New Deal Lead: Keenan Woofter West Shore Homes Warehousing 20,000 - 30,000 SF Target Commencement: 04/01/24 - 30,000 14600 Willard Road - 03/19/24 New Deal Lead: Keenan Woofter General Dynamics Information Technology, Inc. IT Services 15,000 - 25,000 SF Target Commencement: 12/01/24 - 25,000 14600 Willard Road - 03/19/24 New Deal Lead: Keenan Woofter LabCorp Professional & Commercial Services 15,000 - 20,000 SF Target Commencement: 05/01/24 - 20,000 14600 Willard Road - 03/19/24 New Deal Lead: Keenan Woofter World Courier Warehousing 12,000 - 15,000 SF Target Commencement: 05/01/24 - 15,000 14600 Willard Road - 03/19/24 New Deal Lead: Keenan Woofter Undisclosed Occuppier Warehousing 35,000 - 55,000 SF Target Commencement: 12/01/24 - 55,000 14600 Willard Road -
SAMPLE MARKETING FLYER
14600 WILLARD ROAD I 28 MARC TASKER, CCIM, SIOR [email protected] | 703-268-2735 RYAN MOODY [email protected] | 703-268-2739 KEENAN WOOFTER [email protected] | 703-268-282 klnb.com 14600 WILLARD ROAD, CHANTILLY, VA 20151, FAIRFAX COUNTY SOMERVILLE DISTRIBUTION CENTER AVAILABILITY PROPERTY HIGHLIGHTS • Immediate access to Route 28 • ESFR sprinkler system • I-5 Zoning • 32’ Clear • Attractive tilt up construction • Trailer Parking • Up to 73,250 SF • Rate: Negotiable • Delivering Summer 2025 • Prominent retail exposure at intersection of Willard Rd & Lee Rd • Abundant Parking at 1.65/1,000 SF • Numerous hotels, restaurants, and retail amenities nearby • Across from the National Reconnaissance Office • Optimal column spacing: 55'x50' and 55'x65' NEW SPEC WAREHOUSE FOR LEASE
14600 WILLARD ROAD I 29 MARC TASKER, CCIM, SIOR [email protected] | 703-268-2735 RYAN MOODY [email protected] | 703-268-2739 KEENAN WOOFTER [email protected] | 703-268-282 klnb.com 14600 WILLARD ROAD, CHANTILLY, VA 20151, FAIRFAX COUNTY SOMERVILLE DISTRIBUTION CENTER 28 Sully Rd Willard Rd Lee Rd
14600 WILLARD ROAD I 30 MARC TASKER, CCIM, SIOR [email protected] | 703-268-2735 RYAN MOODY [email protected] | 703-268-2739 KEENAN WOOFTER [email protected] | 703-268-282 klnb.com 14600 WILLARD ROAD, CHANTILLY, VA 20151, FAIRFAX COUNTY SOMERVILLE DISTRIBUTION CENTER Sprinkler Room Elec. Room 8,800 SF 8,800 SF 8,800 SF 8,800 SF 8,800 SF 7,150 SF 7,150 SF 7,800 SF 7,150 SF FLOOR PLAN | 73,250 SF
14600 WILLARD ROAD I 31 MARC TASKER, CCIM, SIOR [email protected] | 703-268-2735 RYAN MOODY [email protected] | 703-268-2739 KEENAN WOOFTER [email protected] | 703-268-282 klnb.com 14600 WILLARD ROAD, CHANTILLY, VA 20151, FAIRFAX COUNTY SOMERVILLE DISTRIBUTION CENTER Sprinkler Room Elec. Room 44,000 SF AVAILABLE 29,250 SF AVAILABLE TWO TENANT SCENARIO
14600 WILLARD ROAD I 32 MARC TASKER, CCIM, SIOR [email protected] | 703-268-2735 RYAN MOODY [email protected] | 703-268-2739 KEENAN WOOFTER [email protected] | 703-268-282 klnb.com 14600 WILLARD ROAD, CHANTILLY, VA 20151, FAIRFAX COUNTY SOMERVILLE DISTRIBUTION CENTER CO. Elec. Room Sprinkler Room Elec. Room 35,200 SF AVAILABLE 15,950 SF AVAILABLE 22,100 SF AVAILABLE THREE TENANT SCENARIO
14600 WILLARD ROAD I 33 MARC TASKER, CCIM, SIOR [email protected] | 703-268-2735 RYAN MOODY [email protected] | 703-268-2739 KEENAN WOOFTER [email protected] | 703-268-282 klnb.com 14600 WILLARD ROAD, CHANTILLY, VA 20151, FAIRFAX COUNTY SOMERVILLE DISTRIBUTION CENTER 13'-9" 9'-4 1/2" 11'-3" 27'-6" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 2'-3" 3'-4" 4'-8" 12'-0" 5'-3" 6'-10 1/2" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 6'-10 1/2" 6'-10 1/2" 13'-9" 14'-4" 2'-4 1/2" 2'-4 1/2" 9'-0" 4'-6" 3'-4" 2'-0" 2'-7 1/2" 3'-4" 3'-6" 3'-4" 3'-4" 9'-0" 2'-4 1/2" 2'-4 1/2" 9'-0" 4'-9" 9'-0" 2'-4 1/2" 21'-2 1/2" 27'-6" 27'-6" 27'-6" 34'-3 1/2" Bearing 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 13'-9" 6'-10 1/2" 6'-10 1/2" 20'-0 1/2" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 13'-9" 14'-4" 9'-4 1/2" 11'-3" 13'-9" 6'-10 1/2" 13'-9" 6'-10 1/2" 13'-9" 9'-0" 2'-4 1/2" 2'-4 1/2" 9'-0" 4'-9" 9'-0" 2'-4 1/2" 2'-4 1/2" 9'-0" 4'-6" 3'-4" 2'-0" 2'-7 1/2" 3'-4" 3'-6" 3'-4" 3'-4" 9'-0" 2'-4 1/2" 2'-4 1/2" 9'-0" 4'-9" 9'-0" 2'-4 1/2" 9'-1 1/2" 15'-0" 8'-4 1/2" 15'-3" 32'-6" 27'-6" 27'-6" 13'-9" 20'-0 1/2" 27'-6" 27'-6" 21'-2 1/2" 27'-6" 27'-6" 27'-6" 27'-6" 27'-6" 27'-6" 27'-6" 27'-6" 27'-6" 27'-6" 34'-3 1/2" Bearing 34'-8 1/2" Bearing 10'-0" 12'-4" 5'-0" 7'-4 1/2" 27'-6" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 6'-10 1/2" 2'-4 1/2" 9'-0" 3'-7 1/2" 3'-4" 3'-6" 3'-2" 2'-6" 6 T T 5 4 T T T 3 2 T T T 2 T T T T 1 3'-1 1/2" 12'-0" 3'-0" 12'-0" 2'-4 1/2" 2'-3" 3'-4" 4'-8" 12'-0" 5'-3" 9'-1 1/2" 15'-0" 8'-4 1/2" 6'-10 1/2" 15'-3" 32'-6" 3'-1 1/2" 12'-0" 3'-0" 12'-0" 2'-4 1/2" 6'-10 1/2" 6'-10 1/2" 20'-0 1/2" 13'-9" 13'-9" 13'-9" 20'-0 1/2" SOUTH ELEVATION LOADING
14600 WILLARD ROAD I 34 MARC TASKER, CCIM, SIOR [email protected] | 703-268-2735 RYAN MOODY [email protected] | 703-268-2739 KEENAN WOOFTER [email protected] | 703-268-282 klnb.com 14600 WILLARD ROAD, CHANTILLY, VA 20151, FAIRFAX COUNTY SOMERVILLE DISTRIBUTION CENTER 28 John Mosby Hwy 50 Sully Rd 50 John Mosby Hwy 50 Sully Rd 28 14600 WILLARD RD SUBJECT SITE CHANTILLY AUTO PARK
GLOBAL EXPOSURE LOCAL EXPERTISE klnb.com 8065 LEESBURG PIKE, SUITE 700 TYSONS, VA 22182