Financial terms of the deal have not been disclosed; however, according to Fairfax County records, the property has a current assessed value of $6.1 million. Atlantic represented itself in the deal, while Randall Hagner stood in for the seller.

"Given our experience with developing professional condominiums combined with the strong demand currently in the marketplace for this type of product, we believe that 7535 Little River Turnpike is an excellent fit for us," says Atlantic Realty partner David A. Ross. Atlantic has gone the conversion route on many previous occasions. The company purchased the multi-structure, 19-acre Sunset Business Park in Herndon in 2002, and has since redeveloped the property into a successful office condominium complex.