NoVa Assets Trade for $53M

The 183,731-square-foot office property last traded in 2010, when COPT shelled out $43 million.
3120 Fairview Drive, Falls Church, Va.
3120 Fairview Drive, Falls Church, Va.

Falls Church, Va.—Corporate Office Properties Trust has recently sold 3120 Fairview Park Drive, a 183,731-square-foot office asset located in the Merrifield submarket of Falls Church for $39 million, as well as a 5.3-acre parcel for $14 million.

Situated at the intersection of Interstate 495 and US Route 50 on a 6-acre site, 3120 Fairview Park Drive allows immediate access to nearby points of interest and is approximately 2 miles away from the Dunn Loring-Merrifield station and 12 miles from Reagan National Airport. The Class A property built in 2008 features standard ceiling heights, 24,000-square-foot floor plates, and ample parking within a multi-level structure adjacent to the building. Amenities include an on-site deli, fitness center and 2.5 miles of nearby wooded jogging trails. At the end of 2016, the multi-tenant asset was 87 percent occupied.

According to Yardi Matrix data, the asset last traded in 2010, when COPT acquired the property from Fairview Property Investments for $43 million.

COPT has a portfolio of 152 office properties encompassing approximately 16.3 million square feet, having an average occupancy of 94.4 percent. The company has an additional $10 million of asset sales under contract and $37-$47 millions in contract negotiations, expected to close during 2017.

Image courtesy of Yardi Matrix