FALLS CHURCH, VA-PacTrust has sold a 10-story trophy property here for $74.3 million. Located at 3190 Fairview Park Dr., Colony Realty Partners is acquiring it at a 6.75% cap rate, a source tells GlobeSt.com. Jones Lang LaSalle’s Collins Ege, John Kevill, Jim Molloy and Sean McDermott represented PacTrust in the transaction.
As part of the transaction the buyer assumed the existing mortgage of roughly $30 million, Ege tells GlobeSt.com. “This deal, among other things, speaks to the ongoing normalization of the capital markets.”
It also is an indicator that Falls Church is holding its value as investors seek opportunities outside of core areas of the District and the Rossyln-Ballston Corridor, he says. “Historically, buildings here have traded well.”
Delivered in 1990 and renovated between 2006 and 2008, 3190 Fairview Park is a 231,928-square-foot office building. It is currently 97% leased to a broad mix of credit tenants.
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