CHANTILLY, VA—Ritz Banc Group has partnered with Lincoln Property Co. to acquire two offices in Chantilly's Avion Business Park. The seller of the properties was undisclosed. Ritz acquired the properties on behalf of Saudi family office for an excellent price, Nasr El Hage Jr., Ritz Banc's founder and managing director, tells GlobeSt.com. He declined to discuss pricing further. However, a source tells GlobeSt.com that the properties traded roughly for $20 million.
The buildings, which total 116,489 square feet, are Avion Lakeside A and D. El Hage reports they are about 91% leased. The company plans to lease them up further and then sell them in five years. It is a basis play, and, of course, a value-add play as well. The properties are being acquired for well below replacement costs, El Hage says.
The locally-based private equity and alternative asset manager followed a familiar path with this transaction. It likes to partner with seasoned operators and tap its strong ties among Middle Eastern investors to unearth hidden opportunities. Currently, El Hage says, the company is raising more funds and expanding its footprint with deals in the Carolinas, Miami and Texas.
Separately, earlier this week GlobeSt.com reported on a portfolio based in Avion Business Park that is being sold by a special servicer.
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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.
