HERNDON, VA-The lure of transit-oriented investment strikes again: an office in Herndon--a submarket that has seen little investment sales activity in recent times--has traded for $17.2 million.
Corporate Oaks II, a 78,576- square-foot office located at 607 Herndon Parkway, is within walking distance of the future Herndon-Monroe metro station. NV Commercial, which developed the building in 1987, sold it to Hooff-Fagelson Tract LLC, a local private partnership that was investing proceeds from a condemnation. The sale was brokered by Jim Kornick of Avison Young's Capital Markets Group, which reports it handled several dispositions along the Dulles Toll Road as the year closed.
Corporate Oaks II is 100% leased. It is poised to benefit from the metro development as well as the new transit-oriented Town of Herndon Comprehensive Plan, which will permit up to a 4.3 FAR. "The in-place income from this fully-leased building provides the new owners with strong cash flow while they plan a repositioning for the future," Kornick says in a prepared statement.
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