Off-Market Flex Asset at 365 Herndon Parkway Sells for $11M in Herndon, VA
Joe Serafin Facilitates Quiet Sale Through Broker Collaboration and Strategic 1031 Exchange Placement
In a high-performing, off-market transaction, Joe Serafin of Serafin Real Estate successfully brokered the sale of Sugarland Business Park, a 52,612 SF office and flex property located at 365 Herndon Parkway in Herndon, Virginia, for $11,000,000 on May 11, 2021. This deal was uniquely structured through long-standing industry relationships and precise buyer-seller alignment—proving once again the value of local market expertise and operational sophistication.
Sale Details
- Sold Price: $11,000,000
- Sold Date: May 11, 2021
- Buyer: 1031 Tax Exchange Buyer (represented by Reza Sabaii)
- Seller: Long-term investor with ~1.5M SF portfolio in Northern Virginia
- Property Type: Office/Flex
- Property Use: Investment
- NOI: $891,642
- Cap Rate: 8.1%
- Price per SF: $209
- Buyer Type: Private, Local Investor
Property Description
Sugarland Business Park is a well-located, multi-tenant office and light industrial flex building positioned within the Washington DC Metro’s Herndon submarket. Anchored by tenants in medical imaging, corporate housing, and property management, the building offered stable income with upside potential despite lease rollover risk.
- Address: 365 Herndon Parkway, Unit 105, Herndon, VA 20170
- County: Fairfax County
- Zoning: Office & Light Industrial
- Property Type: Flex / Industrial / Office
- Building Size: 52,612 SF
- Lot Size: 4.67 Acres
Strategy / Marketing Execution
This transaction originated from a broker networking event where Joe Serafin was presenting a separate school portfolio. A buyer representative mentioned a client in a 1031 exchange looking for an alternative asset. Serafin swiftly identified Sugarland Business Park as a potential fit. Although the seller was not actively marketing the property, Serafin’s trusted relationship and understanding of the buyer’s requirements enabled the transaction to materialize off-market.
- Leveraged broker relationships and monthly industry meetings
- Matched off-market asset to 1031 exchange buyer
- Negotiated directly with a long-term owner known for rarely selling
- Seller’s preparedness with clean financials and organized documentation expedited due diligence and closing
Neighborhood Overview
Located in the heart of Herndon, the property benefits from proximity to key business, transit, and retail hubs in Fairfax County. The area is known for its tech corridor appeal and strong tenant demand in flex-industrial product.
- Near Dulles International Airport
- Adjacent to major routes like VA-267 and Route 28
- Close to Reston Town Center, Worldgate Centre, and the Herndon Silver Line Metro Station
Conclusion
This deal illustrates how trusted broker relationships, organized ownership, and strategic buyer placement can result in a smooth, off-market transaction. For investors navigating complex lease rollovers or looking to place 1031 funds efficiently, having a sophisticated and responsive advisory team can make all the difference.
FAQ / Learn More
Q: How do I find similar off-market investment opportunities?
A: Work with a brokerage that has deep local relationships and market knowledge. Serafin Real Estate routinely sources off-market opportunities for qualified buyers.
Q: What’s the advantage of a seller having organized financials and tenant data?
A: It expedites due diligence and builds buyer confidence, especially when lease terms or tenant stability is a concern.