PRP Grabs Pair of VA Foreclosed Office Assets

By Corina Stef

4900 Seminary Road, Alexandria, Va.

PRP has purchased two office buildings totaling 420,000 square feet in Alexandria, Va. Special servicer C-III Asset Management disposed of the assets on behalf of U.S. Bank, following Duke Realty Corp.’s default on a prior loan.

The first asset was built in 1986 and sits at 4900 Seminary Road. It encompasses 200,000 square feet across 12 floors and features ample on-site parking. Additionally, the owner plans to renovate the property and add new elevators and HVAC system, as well as refurbish the bathrooms, lobbies and common areas. The other building is the 2000-built, eight-story 4825 Mark Center Drive which comprises 220,000 square feet of space.

Both properties are part of the Mark Center submarket, located along Interstate 395. Nearby facilities include Mark Center Transit Center, Mark Center Hilton and Conference Center, Alexandria Hospital and Alexandria Community College. Multiple nearby bus stations and a shuttle service to two metro stations provide easy access throughout the entire area.

“We acquired and fully capitalized this transaction to be able to quickly respond to the dynamic office and retail leasing opportunities in Northern Virginia,” PRP President Paul Dougherty said in a prepared statement.

Last year, PRP purchased the FedEx headquarters in Plano, Texas. 

Image courtesy of Yardi Matrix