Search
 

DC Buyer Will Drop Another $100M on Buys

WASHINGTON, DC-Federal Capital Partners polishes off two deals for $158 million and readies the stage for another big-ticket closing round.

By Erika Morphy | Updated on June 21, 2006

WASHINGTON, DC-Federal Capital Partners has acquired two commercial properties in the Fairfax submarket for $158 million. Meanwhile, it’s in the process of laying down another $75 million to $100 million for a handful of others in the Washington, DC metro.

By the end of the year, Federal Capital hopes to have completed some $500 million to $600 million in acquisitions, says Howard Jenkins, an associate for the locally based buyer. The newest pieces for the portfolio are Circle Towers Apartments, a 16-acre, mixed-use complex at 9411 Lee Highway in Fairfax, and Shirlington Gateway, a 12-story, 207,000-sf office building at 2800 Shirlington Rd. in Alexandria.

For the most part, the company’s acquisition strategy is investing in under-managed, under-capitalized properties that need some improvements or upgrades. Jenkins says Shirlington Gateway, a glass-and-steel building that is 97% leased to a group of government contractors, associations and professional services firms, is somewhat of an exception because it is a core plus building in an improving submarket. Federal Capital plans to invest about $1 million as leases roll over, to upgrade the facilities and make cosmetic improvements to the lobby. As part of the transaction, Federal Capital assumed a loan with a 4.98% interest rate.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.