421,900-SF Suburban D.C. Office Complex Trades for $125.7M
- Dec 28, 2011
December 28, 2011
By Barbra Murray, Contributing Editor
Centerpointe I & II, a Class A office property in Fairfax, Va., has come under new ownership, courtesy of a transaction valued at $125.7 million, including $3 million of closing-cost credits for capital improvements. Carr Properties Income Trust, sponsored and managed by Carr Properties, and an institutional investment partner acquired the 421,900-square-foot campus from Thomas Properties Group Inc.
The two-building complex last traded when Thomas and joint venture partner California State Teachers’ Retirement System purchased the asset for $115 million in 2007.
A mirror reflection of each other, Centerpointe I & II made their debut in 1987 and 1989, respectively, at 4000 and 4050 Legato Rd. The property includes a two-level underground parking facility beneath the two 11-story structures, as well as a list of amenities that includes onsite food service and a premier fitness center. At the time of the transaction, the Centerpointe twins had a combined average occupancy level of 92 percent.
While stabilized properties in core locations are still high on buyers’ list, investors have shown a strong interest in value-add office assets throughout the year. For Thomas, the disposition of Centerpointe is a case in point. “Our strategic plan announced earlier this year includes pruning selected properties and reinvesting proceeds from those sales in properties with repositioning opportunities and/or greater internal growth,” Jim Thomas, Chairman and CEO, said.