CHANTILLY, VA—Ritz Banc Group has partnered with Lincoln Property Co. to acquire two offices in Chantilly’s Avion Business Park. The seller of the properties was undisclosed. Ritz acquired the properties on behalf of Saudi family office  for an excellent price, Nasr El Hage Jr., Ritz Banc’s founder and managing director, tells GlobeSt.com. He declined to discuss pricing further. However, a source tells GlobeSt.com that the properties traded roughly for $20 million.

The buildings, which total 116,489 square feet, are Avion Lakeside A and D. El Hage reports they are about 91% leased. The company plans to lease them up further and then sell them in five years. It is a basis play, and, of course, a value-add play as well. The properties are being acquired for well below replacement costs, El Hage says.

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