Institutional Property Advisors Closes Class A Office Building Sale in Northern Virginia
June 19, 2024
FAIRFAX, Va., June 19, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Fair Oaks Plaza, a 180,000-square-foot Class A office building located in Fairfax, Virginia.
The property was sold by Novel Office to a private investor with whom the IPA team has worked with on other transactions. “Our relationships with well-capitalized and sophisticated private buyers, in addition to funds and institutional investors, makes a difference in the current environment,” said Robert Filley of IPA, who led the transaction with IPA’s Chandler Pace and Stacey Milam, senior managing director investments with Marcus & Millichap.
“The property is 90% leased and has been successful in attracting tenancy from Tysons, Virginia and other surrounding submarkets,” said Pace. “Despite vacancy in the vicinity, it is anticipated that additional leasing will take place at the property in the coming months.” Stacey Milam added that: “With the Peterson Companies announcement regarding 11 office properties slated for redevelopment nearby, over 300,000 square feet of office space will be ultimately removed from the submarket.”
Fair Oaks Plaza was renovated in 2022 and is located at the crossroads of Route 50 and Interstate 66 with access to the newly opened high-occupancy toll lanes to the Beltway and Washington, D.C.
The property was sold by Novel Office to a private investor with whom the IPA team has worked with on other transactions. “Our relationships with well-capitalized and sophisticated private buyers, in addition to funds and institutional investors, makes a difference in the current environment,” said Robert Filley of IPA, who led the transaction with IPA’s Chandler Pace and Stacey Milam, senior managing director investments with Marcus & Millichap.
“The property is 90% leased and has been successful in attracting tenancy from Tysons, Virginia and other surrounding submarkets,” said Pace. “Despite vacancy in the vicinity, it is anticipated that additional leasing will take place at the property in the coming months.” Stacey Milam added that: “With the Peterson Companies announcement regarding 11 office properties slated for redevelopment nearby, over 300,000 square feet of office space will be ultimately removed from the submarket.”
Fair Oaks Plaza was renovated in 2022 and is located at the crossroads of Route 50 and Interstate 66 with access to the newly opened high-occupancy toll lanes to the Beltway and Washington, D.C.
# # #
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.