{"id":1004227992,"date":"2018-05-07T07:45:59","date_gmt":"2018-05-07T15:45:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004227992"},"modified":"2018-05-07T07:45:59","modified_gmt":"2018-05-07T15:45:59","slug":"grubb-properties-enters-dc-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/grubb-properties-enters-dc-market\/","title":{"rendered":"Grubb Properties Enters DC Market"},"content":{"rendered":"

By Corina Stef<\/p>\n

\"\"<\/a>

Argon Plaza, Fairfax, Va.<\/p><\/div>\n

Grubb Properties has made its first purchase in the Washington, D.C., office market, acquiring Argon Plaza in Fairfax, Va. for $38.8 million. Special servicer C-III Asset Management<\/a> acted on behalf of the seller, U.S. Bank, to dispose of the 275,000-square-foot property. HFF and NAI Global brokered the transaction.<\/p>\n

\u201cWith its amenity-rich, densifying location and strong anchor tenant, Argon Plaza is a perfect addition to our growing office portfolio<\/em>,\u201d Grubb Properties Chief Investment Officer Todd Williams, said in a prepared statement. \u201cWe look forward to making Argon Plaza a leading property for both existing and new tenants<\/em>.\u201d<\/p>\n

Improvement Plans<\/h2>\n

The 1988-built, 10-story building awaits major renovations and the implementation of a new leasing program. The Boeing Co. occupies more than half of the property, having recently renewed its lease for a period of five years.<\/p>\n

Located at 12701 Fair Lakes Circle, within the Fair Lakes master-planned community, the asset offers easy access to major roads such as Interstate 66 and Route 286. Neighborhood amenities include accommodation options and more than 1 million square feet of retail, eateries and cafes within a half-mile radius.<\/p>\n

According to Yardi Matrix, the asset previously traded in 2006, when Shorenstein Properties acquired it from Peterson Cos. for no less than $84.6 million as part of a $370 million portfolio.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Special servicer C-III Asset Management represented U.S. Bank in the disposition of Argon Plaza in Fairfax, Va. The distressed office building changed hands in a $38.8 million deal.<\/p>\n","protected":false},"author":241,"featured_media":1004228049,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,11,21742,21747,1615],"tags":[39173,32792,34229,33448,37672,40266,33231],"class_list":["post-1004227992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-grubb-properties","tag-hff","tag-nai-global","tag-shorenstein-properties","tag-the-boeing-company","tag-todd-williams","tag-u-s-bank"],"acf":[],"yoast_head":"\nGrubb Properties Enters DC Market - 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\/grubb-properties-enters-dc-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grubb Properties Enters DC Market\" \/>\n<meta property=\"og:description\" content=\"Special servicer C-III Asset Management represented U.S. Bank in the disposition of Argon Plaza in Fairfax, Va. 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