Velocis Buys Greensboro Park With $104M In Financing
HFF secured $104 million in acquisition financing for the two-building complex.
TYSONS, VA–Velocis, a private equity real estate manager, has made its fourth acquisition in the Washington DC area in partnership with Altus Realty: Greensboro Park, a two-building, 505,085-square-foot office complex located at 8180 and 8200 Greensboro Dr.
The purchase price was not revealed by HFF announced that it arranged $104 million in acquisition financing for the complex, securing a five-year, floating-rate loan through JP Morgan Chase & Co.
The seller is an affiliate of Beacon Capital Partners.
The 11-story and a 14-story office buildings are 83% leased.
Velocis has been looking at a number of assets in various parts of Tysons to augment its local portfolio, according to Velocis principal Paul Smith. Greensboro Park offers a solid in-place cash flow with the ability to add value, he says in a prepared statement. “We feel that the submarket around The Boro will continue to experience strong momentum in both leasing activity and rent appreciation,” he also says.
The project is walking distance to the Greensboro Metro station and Tysons Galleria, and is adjacent to The Boro. In addition, Greensboro Park has been approved for up to 520 units of additional multifamily development in two high-rise towers.
Velocis and Altus plan to upgrade the building lobbies, common areas, restrooms and green space.
Other acquisitions by Velocis in the local market include Loudon Gateway II and III in Loudoun Gateway Business Park, which were purchased in 2015 and Shirlington Tower, an office building in Arlington, Va. In addition, 3120 Fairview Park, a 191,361-square-foot office building in Falls Church, Va. was purchased in last year.
The seller was represented by CBRE. The property will be managed by JLL. The HFF debt placement team consisted of Cary Abod and Robert Carey.