The building and its land have a total current assessed value of about $28 million. The seller, Urban Tatemono Kabushiki Kaisha, was represented in the transaction by New York's Secure Capital. Serving as an indication of the ebb and flow of the market over the years is the fact that Shirlington Gateway fetched $38 million in 1989, when it last changed hands.
Shirlington Gateway was constructed in 1986 off Interstate 395 at 2800 Shirlington Rd. The 12-story property was 98% occupied at the time of the transaction and space was being leased for $25 per sf, according to Black's Guide. The building's diverse tenant base includes the Air Conditioning Contractors of America, the Armed Forces Services Corp. and government contractor EDO Corp.
Summing up the facility, Transwestern's Wes Scott tells GlobeSt.com that Shirlington Gateway is a "class B building in a class A location." Friedman and colleagues Andy Stape, Bob Filley and Joe Friedman represented the buyer. More acquisitions in the area could be on tap in the near future for MGP. Scott adds that the new owner of Shirlington Gateway is "a very strong local player that is interested in the suburban Washington, DC markets in Virginia and Maryland."
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