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North Carolina Investor Nabs First DC-Area Asset
Grubb Properties acquired Argon Plaza, a nearly 275,000-square-foot office building in Fairfax, VA, from C-III Asset Management for $38.8 million. It is the Charlotte, NC-based commercial real estate company’s first investment in the Washington, DC metropolitan area.
The property is located within the Fair Lakes master-planned community, and features high visibility from and easy access to I-66. The property is within walking distance to numerous amenities, including a Whole Foods, Starbucks, and Hyatt Regency hotel.
The new owners plan to make capital improvements to the building that will upgrade its tenant amenities. The property’s anchor tenant, an unnamed defense contractor specializing in military technology and intelligence, occupies more than 50% of the building and recently signed a five-year lease renewal.
The sale transaction was handled by HFF and NAIGlobal.
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- ◦Sale/Acquisition