Fernau LeBlanc acquires Fairfax office condo for $10m
Fernau LeBlanc Investment Partners acquired a 86,474 sq ft office condo in Fairfax, Virginia, for $10.2m. Located in the Random Hills Center, the property features a conference room and fitness center, as well as a renovated lobby. Tenants include First Service Residential and WR Systems. Transwestern provided disposition services on behalf of the seller, a private investment management firm.
“With 76-percent occupancy and a weighted average lease term of over six years, the buyer will benefit from the stability of the property while still being able to add value through the lease-up of the existing vacancies and by collapsing the condo structure,” said Gerry Trainor, executive managing director at Transwestern. “Furthermore, the buyer will benefit from the recovering suburban market in northern Virginia which will be accelerated by the arrival of Amazon.”