MRP Sells Ashburn Office Buildings For $47M
A pair of 10-year-old office buildings near the One Loudoun development in Ashburn has just traded hands.
MRP Realty sold the Lakeview East and West office buildings to Innovatus Capital Partners for $46.5M, with Newmark Knight Frank brokering the deal.
The office buildings at 20130 and 20135 Lakeview Center Plaza total 204K SF and are 96% leased. The property's tenants include Abich Financial Services, Electronic Transaction Systems, Curtiss-Wright Defense Solutions, New World Title & Escrow and Vantage Construction Corp.
"The Northern Virginia suburbs continue to attract institutional capital looking to capitalize on the region’s growing technology and defense sectors,” NKF Executive Managing Director Jud Ryan said in a release. "Lakeview East & West are considered two of the nicest assets in Ashburn and the expanding walkable amenity base should ensure future demand in this dynamic submarket."
Constructed in 2009, the buildings are part of a 60-acre mixed-use campus that also includes a 130-room SpringHill Suites by Marriott hotel and retailers such as DC Prime Steaks, Chick-fil-A and Taco Bell.
The properties sit near the intersection of Route 7 and the Loudoun County Parkway. Directly across Route 7 is One Loudoun, the 360-acre mixed-use development featuring Alamo Drafthouse Cinema, Trader Joe's, Barnes & Noble and over a dozen restaurants.
New York-based Innovatus Capital Partners has roughly $1.7B in assets under management. The firm retained Lincoln Property Co. to manage and lease the Ashburn office buildings.
"The purchase aligns with our strategy to invest in U.S. commercial office properties located in strong U.S. growth markets across the U.S.,” Innovatus Managing Director Bradley Seiden said in a release. "We look forward to continuing our relationship with Lincoln and becoming part of the growing greater D.C. region."
