Tomoka Land buys Virginia office asset for $18.6m

Consolidated-Tomoka Land Co., based in Daytona Beach, has closed on the $18.6 million purchase of an office building in Reston, Virginia. Known as Reston Metro Center II, the two story 64,000 sqf asset was built in 1984. The Sunrise Valley Drive building is currently 100-percent leased to a wholly owned subsidiary of defense contractor General Dynamics Corporation. The property underwent a $17 million renovation in 2018, the majority of which was paid for by the tenant. Trading for just over $290 per sqf, the transaction is expected to be part of a 1031 like-kind exchange.