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Banyan Street Capital Enters Virginia Market With $69M Deal

VIENNA, VA—A deal to acquire 8300 Boone Blvd., from Beacon Capital Partners is pending, a source tells us.

By Erika Morphy | erikamorphy | | Updated on May 31, 2016
8300 Boone Blvd. 8300 Boone Blvd.
VIENNA, VA—Banyan Street Capital, a private equity firm based in Miami, is under contract to buy the 328,741-square foot office located at 8300 Boone Blvd., in Vienna, VA, for $69 million a source tells GlobeSt.com.  Separately, Commercial Real Estate Direct has reported on the same transaction. The two-building, eight-story complex, called American Center East & West, is trading for about $210 per square foot and a cap rate of 4.4% based on last year’s net operating income generated by the property.  It is about 76% occupied by such tenants as the County of Fairfax, MicroTech and Criterion Systems. The seller is Beacon Capital Partners, a private real estate investment firm in Boston. Requests for comment to both companies were not returned in time for publication. Beacon acquired these building as part of a 20-asset portfolio in 2007 from Blackstone Group in 2007. Beacon has been selling off or marketing other local assets from this portfolio. It placed the Polk and Taylor buildings in Crystal City, VA, on the market earlier this year, after the Department of Defense renewed some 912,000 square feet of leases at the building at the end of 2015. If the deal goes through, this will be Banyan Street Capital’s first acquisition in Virginia; indeed it will be the furthest north the private equity company has invested to date. The company owns, not surprisingly, a slew of assets in Florida. In terms of value, its biggest concentration is in Tampa, where it owns five office buildings valued at $324 million in total. It owns nine office building in Orlando for a total value of $139 million. Other Florida holdings are in Miami, where it owns three office buildings, Jacksonville, where it owns one, and Broward County, where it owns three. Banyan Street Capital also owns nine offices in Atlanta, two in Houston, two in Raleigh/Durham and one in Louisville, Ky.

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