Monday Properties Buys 206 KSF DC-Area Asset
- Nov 08, 2018
Monday Properties has acquired Shirlington Gateway in Arlington, Va. An affiliate of Choi Cos. sold the 206,200-square-foot office building for $40.8 million.
Located at 2800 Shirlington Road, the 12-story building is located adjacent to I-395 in one of the area’s most noteworthy and recognizable buildings in Northern Virginia. The property is within walking distance of the amenity-rich Shirlington Town Center and boasts exceptional visibility to nearly 200,000 drivers daily.
“The asset is located in a highly desirable submarket with historically strong tenant demand,” Wes Machowsky, Monday Properties’ senior vice president, told Commercial Property Executive. “The existing tenancy at the building continues to thrive on a long-term basis and build off of Arlington County’s strengthening economic fundamentals.”
The property is highly accessible from Washington, D.C., the Pentagon and Reagan International Airport and is also in close proximity to a transit station with direct routes to the Pentagon and Ballston. “The asset is extremely well located with its proximity to Shirlington Town Center, I-395 accessibility and visibility, and the Shirlington Metrobus hub,” Machowsky said.
According to Machowsky, the company saw the ability to reintroduce the asset to the marketplace with the weight of the Monday Properties brand and operational expertise. “We expect to generate future, new tenancy demand given the new $1.3-trillion defense budget that will also benefit from Monday Properties’ elevation of the asset through its operational expertise with this product type,” he said.
Monday Properties plans to make strategic investments into the building infrastructure as well as overall improvements to enhance the tenants’ office user experience. Current amenities include a fitness center and a café.
In April, the company expanded its D.C.-area presence with the purchase of two office properties in Northern Virginia totaling more than 370,000 square feet. Dulles Metro Center, sold by a joint venture between Principal Real Estate Investors and The Pinkard Group, is located in Herndon, Va., while Cameron Run Office Park, acquired from The Meridian Group, is situated in Alexandria, Va.
“This transaction is consistent with our thesis of adding value through operational expertise to assets in Northern Virginia, and furthers Monday Properties’ commitment and belief in the long-term vision for Arlington,” Austin Freeman, Monday Properties’ senior vice president, asset management, told CPE.
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