Buyer To Pay JBG Smith $115M For Commerce Executive
The sale of the complex is expected to close in early 2019.
RESTON, VA–JBG Smith has a buyer for its three-building Commerce Executive Park here. The entity is paying $115 million for the complex, which is located by Sunrise Valley Drive and Wiehle Avenue, close to the Wiehle-Reston East Metro station.
The REIT reported in its Q3 earnings that in July 2018 the buyer’s deposit related to the contract to sell Commerce Executive became non-refundable. It said that the sale is expected to close in early 2019. It did not name the buyer.
The buildings, which JBG Smith inherited from the Vornado spin-off, are 87% occupied. Last October JBG Smith retained CBRE to market the complex.