Local real estate investment firm The Pinkard Group teamed up with Principal Real Estate Investors out of West Des Moines, IA to acquire Dulles Metro Center at 2325 Dulles Corner Blvd. in Herndon, VA.
The 219,000-square-foot, 11-story mid-rise office building was completed in 2001 within Dulles Corner, an expansive mixed-use campus positioned between Dulles International Airport and Reston Town Center. The LEED Gold property is proximate to the Dulles Toll Rd. and Route 28, and will be serviced by the impending Innovation Center Metro Station, a metro stop along the new Silver Line that is slated to deliver in 2018.
Acquired from DEKA Immobilien Investment GMBH, the joint venture plans to make strategic investments in the 75% occupied property in order to attract prospective tenants.
"This acquisition follows our ongoing investment thesis of acquiring high quality office assets which will be the first to reap the benefits of a stronger fundamental leasing market over the medium term," stated Bob Pinkard, principal and founder of The Pinkard Group. "We believe strongly that the strategic investment of capital and attractive investment basis will allow the Property to contend more effectively in today’s highly competitive leasing environment."
This is the second purchase in Northern Virginia for Bethesda, MD-based The Pinkard Group, which acquired Lakeside III at Loudoun Tech in February. It is also the second investment made in partnership with Principal Real Estate Investors.
Savills Studley's U.S. cross-border group, headed up by Robert Stamm, advised Germany-based Deka in the disposition of the asset and exclusively represents the investment company in all stateside transactions. The Pinkard Group purchased the asset on behalf of its Pinkard Fund I.
For additional information on the transaction, please see CoStar Comp #3157186.