VIENNA, VA-The Goldstar Group and Transwestern Investment Co. teamed up to purchase the office and warehouse complex at 801 Follin Lane for $25.4 million. The JV acquired the 227,000-sf property from Rushmark Properties.
Collins Ege and John Kevill of Jones Lang LaSalle represented the seller. Clifford N. Mendelson of Transwestern Commercial Services' Structured Finance Group orchestrated the JV.
Located off the Capital Beltway near the Tysons Corner submarket, 801 Follin Lane occupies a nearly 17-acre parcel that includes a 191,744-sf office facility and a 35,000-sf warehouse. The 34-year-old property has a current assessed value of approximately $14.7 million and last traded in 2002 for $11.5 million. "This is an attractive investment for our fund given the value-added nature of the opportunity, and we look forward to redeveloping and repositioning this property in order to capitalize on the strong office demand in Northern Virginia," says Ross Cowan, Transwestern Investment Co. senior vice president of acquisitions.
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