Herndon Metro Plaza Sold for $44.5M

Radnor, PA-based Brandywine Realty Trust has sold Herndon Metro Plaza I and II in Herndon, Virginia for $44.5 million. Holliday Fenoglio Fowler, L.P. (HFF) marketed the property and procured the institutional investor, Irving, Texas-based Archon Group, a Goldman Sachs affiliate; the complex was sold free and clear of existing debt. According to a BisNow report, Brandywine originally bought the property in 2005 for $51.5 million.

"The arrival of the Silver Line has been transformational for the Dulles Corridor, as tenants migrate to office properties surrounding existing and future Silver Line stations, driving strong positive absorption, decreasing vacancy rates and providing impressive rent growth," said Andrew Weir, senior managing director at HFF, in a press release. "Herndon Metro Plaza I and II are uniquely positioned to capitalize on this, with the asset's rollover profile ideally concentrated in the time period surrounding the planned opening of Phase II of the Silver Line. The asset will also be one of only 15 properties on the Toll Road with immediate walkability to a Silver Line Metrorail station."

Located at 196 and 198 Van Buren St., Herndon Metro Plaza I and II overlook the Dulles Toll Road, with regional connectivity by way of the Fairfax County Parkway, Routes 28 and 7, and the Washington Beltway (I-495). The four-story two building, 201,272 square foot Class A office complex is also immediately adjacent to the future Herndon Metrorail Silver Line Station. HFF said that the property was 91% leased at the time of sale.

For more news and information visit Blumberg Partners.

Water Ridge Office Park Sold for $115M

A partnership managed by Mainstreet Capital has sold Water Ridge Office Park in suburban Charlotte, North Carolina in a $115 million sale arranged by Holliday Fenoglio Fowler, L.P. (HFF). New York Life Real Estate Investors coordinated the acquisition of the 11-building, 844,958-square-foot, Class A office park on behalf of New York Life Insurance Company who purchased the portfolio. Mainstreet Capital Partners and Goldman Sachs Group Inc. listed the portfolio for sale this spring. The property previously traded hands in January 2013 when Archon Group, the real estate investment and management arm of Goldman Sachs Group Inc., together with Mainstreet purchased the office park from affiliates of TIAA-CREF for $75 million.

"Given Water Ridge's proximity to the airport, Downtown Charlotte and numerous residential areas, the park has experienced tremendous leasing demand and rents have climbed considerably over the last few years," said Ryan Clutter, Senior Managing Director at HFF, who represented the seller. "This well positioned office park received strong interest from institutional capital who continue to have a strong appetite for Charlotte opportunities."

The buildings at Water Ridge, formerly known as LakePointe Office Park, were 82% occupied at the time of sale with major tenants including The Vanguard Group, SunTrust Banks Inc., Carolinas HealthCare System, Publix Super Markets and Midrex Technologies Inc. Built between 1989 and 2001, the park has undergone an extensive renovation in the past year with updates to many of the lobbies, restrooms and elevators throughout the park.

For more news and information visit Blumberg Partners.

LakePointe Office Park Sold for $75M

Archon Group, an affiliate of Goldman Sachs, has finalized the purchase of LakePointe Office Park in Charlotte, North Carolina, for $75 million, or $110 per square foot. The seller, TIAA-CREF, was represented in the sale by Ryan Clutter, Patrick Gildea and Will Yowell of CBRE Group Inc. Jones Lang LaSalle also announced this week that it has been named leasing agent for the seven office buildings in LakePointe Office Park. Mainstreet Capital Partners will manage the LakePointe portfolio, which totals 675,398 square feet.

"Mainstreet Capital Partners is excited to work toward re-establishing LakePointe as the preferred office park in Charlotte," said Peter Tonon, a partner with Mainstreet. "The market fundamentals seem to be improving, and with some enhancements we would like to implement to an already beautiful development, we anticipate this being a great opportunity."

LakePointe Office Park, planned and developed by Childress Klein Properties, officially opened in 1988 with the completion of Belk Stores Services Corporate headquarters. LakePointe was reportedly 87% leased at the time of sale, with major tenants including The Vanguard Group, MIDREX Enterprises Inc., SunTrust Banks Inc., T-Mobile, Titan Technology Partners, the Transportation Safety Administration and the U.S. Postal Service. The LakePointe Office Park project marked the first step in Childress Klein's development in the immediate area that consists of 2.2 million square-feet of office space situated within 175 acres of forests, hills and lakes.

For more news and information visit Blumberg Capital Partners.

Parc 55 Wyndham Sold for $235M

New York-based Blackstone Group successfully acquired Parc 55 Wyndham from Rockpoint Group for $235 million, or $231,984 per room, in a distress sale according to a CoStar report. No brokers were named in the deal and terms were undisclosed.

A Bloomberg report earlier this month noted that Blackstone, which owns the Hilton Worldwide chain, would hold 75% of Parc 55, and Boston-based Rockpoint Group,would own most of the rest after investing $10 million of new equity. The article went on to note that Archon Group, a unit of Goldman Sachs Group Inc., provided $152 million of debt financing to the new owners, according to one of the people.

Parc 55 Wyndham Union Square Hotel is nestled in the heart of San Francisco featuring 1,015 spacious guest rooms and 15 suites and more than 30,000 square feet of event space, plus three on-site restaurants.

For more news and information visit Blumberg Capital Partners.

Duke Realty Sells Office Buildings for $44M

The Archon Group, a real estate investment arm of Goldman Sachs, has purchased a portfolio of six office properties in the Triangle for $43.95 million from Duke Realty. According to a Triangle Business Journal article Duke listed the portfolio, which includes 427,000 square feet of office space, in August of 2011. “These were still good assets, but ... we're happy about the buyer, and we know they'll take good care of the tenants,” said Jeff Sheehan, senior vice president in charge of Duke Realty's Raleigh operations.

The portfolio, buildings all built between 1986 and 2000, was 83% leased in August when it was first put on the market. The properties include 5540 Centerview Drive, 5565 Centerview Drive, 5520 Capital Center Drive, 801 Jones Franklin Road, 1616 Millbrook Road and one property in Cary located at 6501 Weston Parkway. The sale is reportedly part of the real estate investment trust's strategy of increasing its industrial and medical office portfolio while reducing the number of office assets it owns.

For more news and information visit Blumberg Capital Partners.