FALLS CHURCH, VA-Two 13-tower office buildings that total399,049 square feet and a development site that can accommodateanother 200,000-square foot office building have sold for roughly$86 million. The buildings, Falls Church Corporate Center, arelocated at 6400 & 6402 Arlington Blvd. They are 88% occupiedand trading at a mid 6 cap rate, in place. When the propertystabilizes the cap rate is expected to settle at mid 7.

The property was acquired by the JBG Cos. fromPearlmark Real Estate Partners. Transwestern's DCInstitutional Commercial Group brokered the sale on behalf of theseller. The building has undergone a renovation in recent years,Gerry Trainor, executive managing director ofTranswestern tells GlobeSt.com. “JBG’s game plan is to lease it upand enjoy the cash flow,” he says.

The complex’s location make it ideal for that strategy. Locatedclose to the Rosslyn-Ballston Corridor, rental rates still go for$10 per square foot less than the RB, he says. “This building hasattracted a lot of tenants from Tysons. You are less than a quarterof a mile from the Falls Church metro and close enough to Ballstonfor lunch if you want. It is a great inside-the-Beltwaylocation.”