Grubb & Ellis' Eric Berkman, Steve Gichner, Brian MacDonald, Juliana Ko and Ashley Blum represented the seller.
The 22-year-old property, called Gatewood Plaza, is located on 10201 Lee Hwy. in Fairfax City, and is over 90% leased. "The building has historically performed well," Gichner tells GlobeSt.com. "Also, market rents in Fairfax are very stable."
The building did present something of a challenge, in that it had a very low loan-to-value. Gichner declined to say exactly what the ratio was. "Very few companies, though, could assume the existing financing."
As part of the transaction, Carr Properties took on the existingmortgage that was in place. The fact that Carr also owns the neighboring building, Sherwood Plaza, a 92,960-sf, class B office asset, and could potentially realize economies of scale, might have also been an influencing driver behind the purchase, Gichner says.
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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.
