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Amazon Data Services paid $700M for a data center development site in Prince William County in a deal that works out to $3.7M an acre.
The tech giant purchased 70% of the 270-acre Devlin Technology Park from Stanley Martin Homes, the Washington Business Journal reported, citing two sources with knowledge of the deal. The remainder of the land is being reserved as open space.
Stanley Martin spent $51M to assemble the site, which is entitled for up to 3.5M SF of data center development and up to three substations. Eastdil Secured was the homebuilder’s adviser in the transaction, which is the largest land deal in Virginia history, the WBJ reported.
It comes after Stanley Martin won a zoning challenge from seven residents last month over its ability to build data centers on the land. A three-judge appeals panel ruled in favor of Stanley Martin and Prince William County on Sept. 16 after the residents alleged an improper approval process.
SALES
A Brookfield affiliate sold a 197K SF office building next to Franklin Square to Taicoon Property Partners, the WBJ reported. Arlington-based Taicoon paid $35.5M for 1400 K St. NW and took out a $22.4M loan from CTBC Bank for the purchase. Newmark’s Ed Clark and Doug Mueller have been retained to lease the property, which is about 60% occupied. Taicoon is planning a $10M renovation.
LEASES
Onelife Fitness is opening a 53K SF location at Edens’ Mosaic District in Fairfax, it announced this week. In addition to typical gym cardio and weight equipment, the new location at 2910 District Ave. will include red light therapy, a sauna, a cold plunge, compression therapy and HydroMassage. The fitness brand said it now has more than 32 locations in the DMV, spanning nearly 2M SF. It billed the Mosaic District location as a $10M project.
