Philip W. Norwood, president and CEO of Faison tells GlobeSt.com that this was a particularly complex transaction in that it involved land swaps and will entail some joint development work with a nearby office project on M Street. The approximate 260-unit condo development, which is expected to be delivered in 2008, is worth roughly $100 million, he says.
The company has also closed on property for a retail project in La Plata, Md. This $75 million project will be anchored by a Lowes and include a Giant Food grocery store as well as other retailers, Norwood says. The project will include 37 acres of out parcels for Lowes as well as 115,000 sf of retail space that Faison will develop.
Separately, the company has sold its Dulles Executive Plaza office complex to Chicago-based Inland Real Estate Group for $124 million. The twin six-story office-building complex of 379,596 sf is located in Herndon, Va. The sale was executed through Valley View Associates Limited Partnership, an entity controlled by Faison, to MB Herndon, L.L.C., an entity controlled by Inland Real Estate Group. Trammell Crow Company served as investment broker for Faison on the transaction. "The timing was right for us to opportunistically exist this investment," Norwood explains.
In general the DC market is an important one for the firm. Between its DC-based office, from which it runs its residential and office programs, and its Bethesda, Md.-based office, from which it runs its retail program, the company has some $400 million worth of projects under development, not counting its two recent acquisitions this week.
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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.
