Business

Northern Virginia Office Building Changes Hands

5 months ago

Novel Office sold the asset in a deal arranged by Institutional Property Advisors. The post Northern Virginia Office Building Changes Hands appeared first on Commercial Property Executive.

The eight-story Class A asset previously traded in 2022 for $23.5 million. Image courtesy of Institutional Property Advisors

Dallas-based Novel Office has sold Fair Oaks Plaza, a 183,810-square-foot Class A office building in Fairfax, Va., to a private buyer. The deal comes less than two years after the current seller acquired the eight-story asset located about 20 miles outside of Washington, D.C.

Institutional Property Advisors, a division of Marcus & Millichap, arranged the transaction. Financial details were not disclosed. IPA has previously worked with the private investor on other transactions.

IPA’s Senior Vice President Investments Robert Filley led the transaction, alongside IPA Senior Associate Chandler Pace and Senior Managing Director Investments with Marcus & Millichap Stacey Milam.

Built in 1985, Novel Office acquired the property in September 2022 for $23.5 million and secured a $13.2 million 10-year loan from First Financial Bank of Abilene, Texas, according to CommercialEdge data. The asset was renovated in 2010 and in 2022. Novel Office also completed renovations of the lobby within the past year.

Amenities at Fair Oaks Plaza include a conference center, fitness center, café and convenience store, lower level storage, outdoor seating and 118 spaces in a covered parking structure. Floor plates at the glass and masonry building encompass 21,125 square feet.

Located at 11350 Random Hills Road in the Fairfax Center submarket, the 5.37-acre property is less than 1 mile from the interchange at Route 50 and Interstate 66. The office building is close to several Metro stations including Vienna/Fairfax-GMU as well as stations for the commuter rail service, Virginia Railway Express. The property is less than 14 miles from Washington Dulles International Airport and about 22 miles from Ronald Reagan National Airport.

Tenant activity

Fair Oaks Plaza was 90 percent leased at the time of the sale and has been successful in attracting tenants from Tysons, Va., and other surrounding submarkets, according to IPA. CommercialEdge reported there are 20 leases at Fair Oaks Plaza. The roster includes several law firms such as Mahdavi, Bacon, Halfhill & Young and McCandlish Lillard.

Other tenants listed at the address are Active Family Wellness, The Redux Group, Real Property Management Pros and Mindful Psychological Health. Regus Group also operates a shared office/flex office space at the property.

Earlier this year, Novel Office was active in its home state of Texas, acquiring 3555 Timmons, a 225,895-square-foot office building in Houston from Unilev Capital, according to CommercialEdge information. Unilev had purchased the 15-story building constructed in 1982 from Great Point Investors in 2012.

The post Northern Virginia Office Building Changes Hands appeared first on Commercial Property Executive.