FAIRFAX, VA. — Galloway Group has purchased Spring Street Business Park, a 53,268-square-foot industrial property in Fairfax. Malcolm Shaw and Bill Wrench of Washington, D.C.-based Phillips Realty Capital secured $7.5 million in debt financing from Fairfax-based FVCbank as part of an $11 million capitalization. Multiple equity investors raised the funds, and Audeo Partners provided a major portion of the equity. Next-Realty Mid-Atlantic represented the Galloway Group in the transaction.
Built in 1988, Spring Street Business Park is fully leased and features three adjacent buildings on a 2.9-acre parcel. The properties encompass a mix of industrial uses including warehouse, light industrial and service industrial. The park features 18-foot to 22-foot high ceilings with overhead insulated roll-up garage doors, tempered glass paneled entrance doors, tempered fixed windows and bays spanning approximately 2,180 square feet.