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RST Development has purchased an industrial property in Manassas Park with plans to transition the site to multifamily use. The Virginia Beach-based firm recently acquired a warehouse and adjoining parking lot in the Conner Commerce Center for $12.5 million, with an affiliate closing on the transaction late last month, according to reporting from the Washington Business Journal.
The property, located at 8503 and 8505 Euclid Ave., covers nearly seven acres within the Conner Commerce Center. It is anchored by a 70,590-square-foot warehouse and supported by approximately 300 surface parking spaces. The land and building currently carry a combined assessed value of $10.65 million.
The site has changed hands at least once in the past decade. Maryland-based CSB Family Investors LLC acquired the property in 2016 for $8.05 million, positioning the asset for the current trade to RST Development. The warehouse complex is presently 98% leased, with existing commitments reportedly extending through 2027, underscoring its status as a stabilized income-producing property at the time of sale.
RST Development intends to reposition the asset by converting the site into a 300-unit multifamily residential project. While specific design details and a development timeline have not been disclosed, the contemplated plan would represent a shift from industrial and commercial use toward higher-density residential use on the Euclid Avenue corridor.
The property is currently zoned as a general business district, meaning a rezoning to residential would be required before vertical multifamily construction can proceed. That entitlement step will likely be a key milestone for the project, as the city evaluates the proposed change in land use and its fit with long-term planning objectives.
The Conner Commerce Center site sits within Manassas Park’s City Center Redevelopment District, a designated area that may qualify for certain tax incentives. While no specific incentive package has been outlined, inclusion in the district could provide RST Development with access to local programs intended to support redevelopment, reinvestment, and urban infill activity.
The planned conversion reflects continued investor interest in repositioning well-located commercial real estate into multifamily housing, particularly in established redevelopment districts where municipalities have signaled support for higher-intensity uses. For now, the warehouse remains nearly fully leased, providing ongoing cash flow as RST advances rezoning efforts and refines its multifamily development strategy for the Manassas Park site.
The post RST Development Buys Manassas Park’s Conner Commerce Center for Planned Multifamily Redevelopment appeared first on CRE Market Beat.
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