Kiddar Capital Nabs Suburban DC Development Site
- Feb 26, 2018
Kiddar Capital has acquired a 135,102-square-foot suburban Class B office asset from UBS Realty Investors in Herndon, Va., a suburb of Washington, D.C. The property—along with its accompanying 4.8 acres of land—fetched a $33 million price tag, according to The Washington Business Journal. The buyer funded its acquisition with a loan held by Eagle Bank, and a Colliers International team closed the transaction.
Plans are in motion to use the parcel as a landing site for a new Silver Line metro station, projected to open in the first quarter of 2020. The area is part of a planned, 38-acre district—the Transit-Oriented Core—which is anticipated to include mixed-use buildings, open space and a retail and entertainment core alongside the existing office structure.
Located at 575 Herndon Pkwy., the five-story building sits alongside the Dulles Toll Road, connecting Arlington with Dulles International Airport. The asset, constructed in 1988, is home to a mix of tenants including Booz Allen Hamilton, which leased 112,078 square feet in 2010, as reported by The Observer of Herndon. UBS purchased the property in 2005 from Peterson Cos. for $29.2 million, according to Yardi Matrix.
“This site is at the center of a vibrant community with local leaders committed to bringing new jobs and investment to their jurisdiction,” said Todd Hitt, founder & CEO of Kiddar Capital, in a prepared statement. “We look to invest on new infrastructure whenever possible and are thrilled about this opportunity to steward the ownership of a metro-centric site in the town of Herndon.”
Image courtesy of Yardi Matrix