The building, which traded in a 1031 transaction, was acquired from Falcon Real Estate Investment Co. Paul Collins, Bill Collins, Drew Flood and James Cassidy of Cassidy & Pinkard Colliers represented the seller.
The building has a single tenant--Cox Communications--with a 9.5-year lease that is valued around the size of the transaction. Even without the investment grade tenant in place, Flood tells GlobeSt.com, the building is well located in a high demand area.
"This is an expanding submarket and the building is located very close to the new CIA campus," he says. Located at 3080 Centreville Rd., the Cox Communications Building is a two-story, 94,170-sf, build-to-suit office structure that delivered in 2002. It has been leased to Cox on an absolute, triple net basis.
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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.
