Stream Realty Partners Closes $25 Million Sale of 102,500-SF Industrial Property in Manassas, Virginia

Stream Realty Partners has facilitated the $25 million sale of 10904 Carolina Drive, a 102,500-square-foot industrial property in Manassas, Virginia, the firm announced Sept. 9. Following the transaction, new ownership selected Stream to lead leasing efforts at the asset, which carries a pending vacancy in 2027.

Deal Details and Asset Profile

Located in the Interstate 66/Manassas industrial submarket of Prince William County, 10904 Carolina Drive traded at approximately $244 per square foot. The single-story industrial facility features 27-foot clear heights, eight loading docks, two drive-in doors, one ramped drive-in, and an on-site truck scale. The property also includes more than two acres of outdoor storage and an approximate 0.75:1,000 parking ratio.

The asset is strategically positioned near Interstate 66 with connectivity to Interstate 95, Manassas Regional Airport, and Washington Dulles International Airport, providing access to key transportation corridors serving Northern Virginia and the broader Washington, D.C., region.

Stream's Caulley Deringer, Managing Director; Stephen Cloud, Executive Vice President; and Andrew Hassett, Vice President, facilitated the sale.

Submarket Conditions Drive Investor Interest

"This sale reflects the continued strength of the industrial market in Northern Virginia, particularly in western Prince William County, where investors remain highly active in pursuing industrial assets," said Caulley Deringer. "With a pending vacancy in 2027, 10904 Carolina Drive presents a unique opportunity for new ownership and will bring one of the largest contiguous industrial spaces to market in a submarket with limited available supply and a vacancy rate of just 4.7%."

The Manassas/I-66 industrial corridor has experienced significant rent growth in recent years, with the broader Dulles–Manassas submarket posting approximately 63% rent growth since 2020. Class B vacancy in the submarket stands near 3.1%, with net asking rents in the range of $18.46 per square foot on a triple-net basis. The submarket's constrained supply environment has kept vacancy in the mid-single digits, with Manassas industrial vacancy running in the 3.8% to 5.4% range for 2025–2026.

The pending 2027 lease expiration positions the property as a near-term lease-up opportunity in a market where large-block industrial availabilities are scarce. The building's combination of outdoor storage acreage, heavy-truck functionality, and dock-high loading infrastructure broadens its appeal to manufacturing, distribution, and specialized logistics users.

Stream's Northern Virginia Industrial Activity

The 10904 Carolina Drive transaction continues a run of industrial investment and leasing activity by Stream Realty Partners in Northern Virginia. In 2025, the firm represented Pronto Fulfillment LLC in an off-market $25.75 million acquisition of Innovation Industrial, a 77,948-square-foot newly constructed facility at 10671 University Boulevard in Manassas — also within the I-66 corridor — at approximately $331 per square foot. That deal occurred in a highly competitive submarket with scarce opportunities to secure new construction prior to delivery.

Also in 2025, Stream secured a lease with Zippy Shell at 95 East Distribution Center, a newly delivered industrial facility at 13600 Dabney Road in Woodbridge, Virginia, on behalf of a Cannon Hill Capital Partners and Pinkard Group joint venture, extending the firm's industrial leasing reach along the I-95 corridor.

About Stream Realty Partners

Stream Realty Partners is a national commercial real estate firm offering an integrated platform of leasing, investment, and development services. Headquartered in Dallas, the firm operates in core markets coast to coast and has grown to more than 1,550 professionals since its founding in 1996. Stream completes annual transactions valued at more than $11.5 billion across office, industrial, retail, healthcare, land, and data center properties.

Sources: Stream Realty Partners