The entire compound occupies 250 acres along Route 50 and leases thousands of square feet to companies such as bottled water distributor Perrier, General Dynamics and Fujitec. Profits from leases account for an annual gross income of approximately $5.6 million. Cohen has a 20% stake in the property, with an option to take on an additional 30%.
B&R has acquired the property--and will acquire others--in an effort to stave off financial losses to be incurred when the General Services Administration's lease at the company's Waterside Mall Complex in the District expires in September 2002. The Environmental Protection Agency will leave vacant 900,000-sf of space at Waterside when it moves into its new offices in downtown Washington, DC's Ronald Reagan Building. In the press release announcing the acquisition, B&R COO Sidney M. Bresler notes that B&R "anticipates that it could take a substantial period of time to refurbish the Complex and obtain new tenants."
Last month, B&R announced its subsidiary's acquisition of Springfield, VA property owner and manager Sarnia Corporation for about $20 million. That deal for an approximately 16-acre office park is expected to be complete by Jan. 15 of next year.
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