Melrose Solomon Acquires Two Office Properties From NoVA for $13 Million – Trade Observer
Melrose Solomon Enterprises acquired two office properties in Kingstowne, Virginia for $12.9 million from Halle Companies, learned Commercial Observer.
The buildings were particularly attractive due to their healthcare tenants, Avison Youngit is Chip Ryan, Who was part of the team representing the seller, Commercial Observer said.
“Halle Companies was rebalancing its interests in Kingstowne”, Ryan said CO. “There was excellent interest in the properties due to the percentage of medical office tenants.”
In fact, there were at least a dozen offers on the buildings, he added.
“The portfolio has received considerable interest from investors across the country who are looking for well-leased suburban office properties, especially those with healthcare tenants in a growing area,” Ryan said.
Located at 5901 Kingstowne Village Drive and 5695 King Center Drive, the properties were 93% leased to various medical companies, government contractors and traditional tenants at the time of the sale. A notable tenant is Kingstowne Internal Medicine.
Largest of the properties, the three stories, 44,262 square feet 5695 Kings Center Drive, was built in 2002 and has easy access to South Van Dorn Street. The 22,117 square feet 5901 Kingstowne Village Drive was built in 2004, and is close to Giant, Starbucks and Chick-Fil-A.
Both are close Kingstowne Town Center, a shopping center that will add 650 multi-family units in 2022.
“With a lower cost of living, a highly skilled workforce and a unique sense of place, Kingstowne is poised for continued growth and opportunity,” larry solomon of Melrose Solomon Enterprises said in a prepared statement. “The future is exceptionally bright here.”
Joining Ryan on the deal was Avison Young Matt Weber. Company leaders Jon Goldstein, Wes Boatwright and Mike Yavinsky arranged financing for the buyer. Financial terms were not disclosed. The buyer’s representative was not disclosed.
Buyer and seller requests for comment were not immediately returned.
Keith Loria can be reached at [email protected].