ARLINGTON, VA-The Meridian Group has secured $51 million in permanent financing for its acquisition earlier this year of One Ballston Plaza, located at 1010 N. Glebe Rd. Jones Lang LaSalle’s Wes Boatwright, Jon Goldstein and Mike Yavinsky brokered the transaction. Capital One provided the loan.
One Ballston Plaza traded earlier this year for $49 million. Meridian Group acquired the eight-story 142,833-square-foot building from TA Associates of Boston. One Ballston delivered in 1986. At the time of its sale it had 13 tenants, including government contractors, private firms and national associations.
Capital is flowing if not freely, then at least regularly for solid transactions in the DC area. Recently Cassidy Turley secured a $64-million note for 1129 20th St., NW. That loan was provided by a life insurance company. In separate transactions, Wells Fargo and Principal Real Estate Investors provided construction and equity financing for a mixed-use development that will be built in Old Towne Alexandria, VA.
In yet another deal, Carr Properties secured a $57-million construction loan from Wells Fargo for the construction of 4500 East West Highway, a 220,000-square-foot spec office asset. Little wonder then that a building in the Rosslyn-Ballston Corridor secured financing as well.
The RB Corridor sailed through the recession with hardly a dent in vacancy rates—which investments sales duly reflected. One recent office trade in the RB Corridor was Penzance’s acquisition of 1555 Wilson Blvd., for approximately $67-million it made via a JV with an institutional partner.
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