Twenty Lake Holdings Purchases Foreclosed Office Assets in VA
- Dec 19, 2018
Twenty Lake Holdings has acquired WillowWood III and IV, two Class A office buildings in Fairfax, Va. Massachusetts Mutual Life Insurance Co. sold the assets out of foreclosure after Liberty Property Trust defaulted on a $70 million loan in March 2016, Yardi Matrix data shows.
Each property spreads throughout five floors and they total a combined 276,245 square feet. Amenities include surface and structured parking, landscaped plaza with a fountain and outdoor seating. Additionally, both buildings were completed in 2000 and underwent renovations in 2014.
Located at 10302 and 10304 Eaton Place, along the Interstate 66 corridor, WillowWood III and IV sit close to Point 50 shopping center, accommodation options, restaurants and multiple bus stations. A Whole Foods 365-anchored retail building is also being redeveloped adjacent to the properties.
Transwestern’s Mid-Atlantic Capital Markets Group’s Gerry Trainor represented the seller in the transaction.
“Twenty Lake Holdings has purchased an institutional-quality, Class A asset with long-term stability. The buildings are 75 percent leased to an investment-grade tenant that has been at WillowWood for 29 years,” Trainor said in a prepared statement. “The property also provides value-add potential via the lease-up of the remaining vacancies.”
Image courtesy of Transwestern