{"id":1004109366,"date":"2014-12-14T19:59:07","date_gmt":"2014-12-15T03:59:07","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=312938"},"modified":"2020-04-06T05:49:20","modified_gmt":"2020-04-06T13:49:20","slug":"kbs-lionstone-penzance-jv-buy-northern-virginia-office-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kbs-lionstone-penzance-jv-buy-northern-virginia-office-properties\/","title":{"rendered":"KBS, Lionstone-Penzance JV Buy Northern Virginia Office Properties"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">Two Northern Virginia office buildings recently changed hands.<\/p>\n<p style=\"text-align: justify;\">KBS Real Estate Investment Trust III, a public, non-traded real estate investment trust based in Newport Beach, Calif., purchased Reston Square for $48 million. The Class A office building was constructed in 2007. It is located on a two-acre site in the Reston-Herndon submarket.<\/p>\n<p style=\"text-align: justify;\">\u201cWe believe KBS REIT III will benefit from the acquisition of this institutionally maintained office property in a market that is benefiting greatly from continued mixed-use development and the arrival of the Silver Line Metrorail Station,\u201d Marc DeLuca, Eastern Regional President of KBS, said in a statement for the press. \u201cWe are pleased to acquire a great building that stands to benefit from a lot of positive activity in the market.\u201d<\/p>\n<p style=\"text-align: justify;\">Reston Square is LEED Silver certified. The seven-story building offers 139,071 square feet of space. According to KBS REIT III, it was 91 percent leased at the time of the sale, to seven tenants.<\/p>\n<div id=\"attachment_313042\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/12\/4040-N.-Fairfax-Drive.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-313042\" title=\"4040 N. Fairfax Drive\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/12\/4040-N.-Fairfax-Drive.jpg\" alt=\"\" width=\"300\" height=\"214\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">4040 N. Fairfax Drive<\/p>\n<\/div>\n<p style=\"text-align: justify;\">In nearby Arlington, Federal Capital Partners sold 4040 N. Fairfax Drive to a joint venture of Lionstone Investments and Penzance. The joint venture also holds an option to buy the adjacent property at 4000 N. Fairfax Drive. According to FCP, the sale generated gross proceeds of $56.2 million for FCP Fund II.<\/p>\n<p style=\"text-align: justify;\">4040 N. Fairfax Drive is a 10-story office building with 182,832 square feet of space. According to <a href=\"https:\/\/www.propertyshark.com\" target=\"_blank\" rel=\"nofollow\"><em>PropertyShark<\/em><\/a>, it was constructed in 1966 and has a current market value of $34.8 million.<\/p>\n<p style=\"text-align: justify;\">FCP said that the McMullin Revocable Family Trust, its partner and prior owner of 4040 N. Fairfax, has retained control of density rights. These rights will be sold separately to the joint venture. The law firm of McGuire Woods designed the trust structure that separated the building from its additional density rights.<\/p>\n<p style=\"text-align: justify;\">FCP entered into a partnership with the McMullin family in 2012. Together, they fully renovated 4040 N. Fairfax and entered into leases with Marymount University and Virginia Heritage (now Eagle) Bank.<\/p>\n<p style=\"text-align: justify;\">&#8220;This transaction is a true win-win for no less than four different groups,\u201d Tom Carr, Managing Partner of FCP, said in a statement. \u201cThe Lionstone-Penzance venture can pursue an exciting new development project, Marymount University has obtained great new additional educational facilities, the McMullin Revocable Family Trust has maintained their equity position, and FCP has accomplished its investment objectives. 4040 N. Fairfax is now fully repositioned, having been converted from an asset that was vacated due to the Base Realignment and Closure initiative to a modernized office property with top-class systems and amenities in one of the strongest submarkets in the Washington area.\u201d<\/p>\n<p style=\"text-align: justify;\"><em>Photo credit: <\/em><a href=\"https:\/\/www.fcpdc.com\/\" target=\"_blank\" rel=\"nofollow\"><em>Federal Capital Partners<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two Northern Virginia office buildings have changed hands this month. They are Reston Square, in Reston, and 4040 N. Fairfax Drive, in Ballston.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[],"class_list":["post-1004109366","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>KBS, Lionstone-Penzance JV Buy Northern Virginia Office Properties - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kbs-lionstone-penzance-jv-buy-northern-virginia-office-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KBS, Lionstone-Penzance JV Buy Northern Virginia Office Properties\" \/>\n<meta property=\"og:description\" content=\"Two Northern Virginia office buildings have changed hands this month. They are Reston Square, in Reston, and 4040 N. 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