ARLINGTON, VA–Perseus Realty and ELV Assoc., have acquired the Ballston Metro Center, a 235,568-square foot office building directly above the Ballston Metro Station, for $69.5 million. The seller is an affiliate of Ralph Dweck Cos.
Gerry Trainor and Mark Glagola of Transwestern's Mid-Atlantic Capital Markets Group were the lead listing agents for the property and represented the Ballston Metro Investors LLC in the sale.
The new owners, it is hardly surprising, have their eyes on the $317 million renovation of Ballston Common Mall and the subsequent opportunities it will present when it delivers in the next year.
Arlington County, for example, recently approved $55 million in funds for public infrastructure to support Ballston Common Mall, including upgrades to the Ballston public garage, investments in Wilson Boulevard and North Randolph Street, and the creation of public plazas.
“The redevelopment [of Ballston Common Mall] will create significant demand for this value-add investment property,” Trainor said in a prepared statement. Perseus plans to invest capital into the building, located at 901 N. Stuart St., to reposition it and accelerate lease up. GlobeSt.com did receive a callback from Perseus Realty seeking comment.
ARLINGTON, VA–Perseus Realty and ELV Assoc., have acquired the Ballston Metro Center, a 235,568-square foot office building directly above the Ballston Metro Station, for $69.5 million. The seller is an affiliate of Ralph Dweck Cos.
Gerry Trainor and Mark Glagola of Transwestern's Mid-Atlantic Capital Markets Group were the lead listing agents for the property and represented the Ballston Metro Investors LLC in the sale.
The new owners, it is hardly surprising, have their eyes on the $317 million renovation of Ballston Common Mall and the subsequent opportunities it will present when it delivers in the next year.
Arlington County, for example, recently approved $55 million in funds for public infrastructure to support Ballston Common Mall, including upgrades to the Ballston public garage, investments in Wilson Boulevard and North Randolph Street, and the creation of public plazas.
“The redevelopment [of Ballston Common Mall] will create significant demand for this value-add investment property,” Trainor said in a prepared statement. Perseus plans to invest capital into the building, located at 901 N. Stuart St., to reposition it and accelerate lease up. GlobeSt.com did receive a callback from Perseus Realty seeking comment.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
