Perseus-ELV Associates JV Snags Arlington Office Building
- Nov 03, 2016
By Veronica Grecu
Arlington, Va.—Ballston Metro Center, a Class A office building that’s part of a mixed-use project near Virginia Square in Arlington, was recently sold to a joint venture between PERSEUS Realty and Boston-based ELV Associates. Gerry Trainor and Mark Glagola of Transwestern’s Mid-Atlantic Capital Markets Group negotiated the $69.5 million transaction on behalf of the seller, Dweck Properties of Washington, D.C. The 13-story building was nearly 35 percent occupied at the time of sale.
Constructed in 1989 directly above the Ballston Metro Station, the 235,568-square-foot office building is located at 901 N. Stuart St. in the RCB Corridor office submarket. According to Transwestern, this submarket improved during the third quarter of 2016 to a positive net absorption of 288,000 square feet, while the direct vacancy rate decreased to 19.5 percent.
According to Yardi Matrix, Ballston Metro Center is a LEED Silver-certified building. The property was completely renovated in 2002 and features 327 underground parking spaces at a parking ratio of 1.53 spaces per 1,000 square feet, as well as 21,267 square feet of street-level retail space. Ballston Metro Center sits next to the Arlington Hilton Hotel and the Alta Vista residential condominiums. The three adjoining buildings are constructed around an enclosed retail pavilion with a six-story atrium.
“PERSEUS Realty’s acquisition of Ballston Metro Center is well-timed, as it has direct covered access to the Ballston Common Mall, which is currently being redeveloped into Ballston Quarter,” said Trainor in prepared remarks.
The $317 million project that is set to redevelop Ballston Common Mall into Ballston Quarter is expected to create significant demand for the property. The renovation process is scheduled for completion in 2017, and will result in an entertainment-focused central gathering place with street-facing retail and a pedestrian plaza—all within one block of Ballston Metro Center.
Image courtesy of Yardi Matrix