CAPITOL HEIGHTS, MD-With business activity slowed to a snail’s pace in the DC area, it is almost comes as a surprise when there is actual news of a deal. This week, with the month lazily headed for Labor Day weekend, not one but two deals have occurred: the acquisition of BJ’s Wholesale Club for $32.4 million and the recapitalization of 4040 N. Fairfax Dr.
Inland Real Estate Acquisitions is acquiring the BJ's Wholesale Club here for approximately $32.4 million. The 117,875-square-foot retail building delivered in 2010 and includes a fuel station. The property is located at 1781 Ritchie Station Court; BJ's Wholesale Club occupies the building subject to a triple net lease with a remaining term of 18 years.
In Fairfax, Va., in a separate transaction, Federal Capital Partners and RESI Management announced they recapitalized 4040 N. Fairfax Drive, also known as The Webb Building. It is a ten-story, 184,216 square foot office building in the heart of the Ballston submarket. FCP Fund II is providing $21.2 million of equity and Wells Fargo is kicking in a $33.5 million loan facility to reposition and re-tenant the asset. The building will be vacated in December 2012 as part of the Base Realignment and Closure (BRAC) initiative. At that point it will be fully renovated. Mike Shuler and Rob Walters of Avison Young were retained to market and lease the building. RESI Management was represented by John Sieber, David Foulk, Bill Wrench and AJ Luce of Phillips Realty Capital in the recapitalization.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
