JOSS Realty Snags $30M VA Office Building
- Aug 13, 2018
JOSS Realty Partners has acquired Waterfront II, one of the two buildings that make up the Offices at Waterfront Center. The five-story office property in Alexandria, Va., sold for $29.6 million. Finmarc Management Inc.—which bought both assets from Gates Hudson in July 2014, for $31.5 million—sold the property.
Located at 209 Madison St., the all-brick property was constructed in 1987 and features a newly renovated lobby and bathrooms, views of the Potomac River and Oronoco Bay Park, 265 parking spaces, four passenger elevators and access to 41,000 square feet of retail. The 90 percent leased building is anchored by Sport & Health, a full-service fitness and health club. According to Yardi Matrix, additional tenants include Serenity Day Spa, MSI, Young & Thompson, Envision, Discover Alaska and The Jackson Clinics. The asset offers convenient access to VA Route 1, interstates 395 and 495, as well as the Braddock Road metro stop.
Cushman & Wakefield’s Appraiser Kaleigh Jones and Executive Managing Director Erik Berkman represented the seller in the transaction.
“During our ownership, we significantly increased the value of the building by maintaining high occupancy rates and maintaining it in peak operating condition,” said Sean Sullivan, vice president at Finmarc Management, in a prepared statement. “Selling the asset now achieves our long-term objectives, as we intend to deploy the funds gained from this sale to pursue new properties throughout the Mid-Atlantic region that fit our acquisition profile and enable us to build long-term value.”
Finmarc currently owns and manages more than 100 office, flex, industrial, retail and residential projects in the Mid-Atlantic area, totaling more than 6 million square feet. In June, the company purchased two flex/office buildings for $10.9 million, located in Columbia, Md.
Image courtesy of Finmarc Management