TYSONS, VA—The JBG Cos. and JBGR Retail have sold the current phase of the Tysons West mixed-use development to LaSalle Investment Management, which acquired the property on behalf of a separate account client.
Tysons West, which delivered August 2013 and offers more than 165,000 square feet of commercial space, is next to the Spring Hill Metro station on the newly-opened Silver Line Metrorail. This makes Phase I the ideal transit-oriented opportunity as it includes the Washington region's first urban-format Walmart, a 24 Hour Fitness, several restaurants and nearly 30,000 square feet of medical office space. There is more than 135,800 square feet of retail space alone, all of which is already leased.
The purchase price was not disclosed. Eastdil Secured brokered the sale. JBGR Retail will continue to manage the property.
Now Phase II of Tysons West is in the planning process. It will include 400,000 square feet of residential space and another 50,000 square feet of retail. The final phase calls for 300,000 square feet of residential space, 380,000 square feet of office space and 50,000 square feet of retail.
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