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Penzance Buys 240K SF Arlington Office Building For $25M

Penzance has scooped up its second Arlington County property in as many months, this one a rare office building sale.

The D.C.-based firm acquired the Ballston One office building at 4601 North Fairfax Drive, it announced Thursday. The firm didn’t reveal the sale price, but property records show it sold for $25M.

The seller, UBS Realty Investors, was represented in the deal by JLL‘s Matt Nicholson, Andrew Weir, Jim Meisel, Dave Baker, Kevin Byrd and Kameel Omar, the brokerage firm announced.

The $25M sale of the 240K SF office building pencils out to $104.30 per SF. The property appears to have last sold in 1997 for $43M, according to property records, and its most recent tax assessment valued it at $63M.

The building is around 60% occupied, according to a Penzance spokesperson. Its LoopNet page shows that it has more than 90K SF available.

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Penzance announces acquisition of Jasper Columbia Pike apartments in Arlington for $105 million

August 28th, 2023|Dan Brendel ||

D.C.-based real estate firm Penzance has announced its acquisition of the 269-unit apartment tower formerly known as Avalon Columbia Pike in Arlington for $105 million.

The nine-story residential-over-retail building sits on about 0.6 acres at 2920 Columbia Pike. Penzance bought the property from Arlington-based AvalonBay Communities Inc. (NYSE: AVB) in a deal that closed July 27. The property has been rebranded as Jasper Columbia Pike.

“Penzance seeks out high-quality existing or potential residential properties near proven economic centers and with retail amenities and good transportation options, which is exactly what this property has,” Cris White, the […]

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Washington’s Top Condominium Award for 2022

November 14th, 2022|City Biz|

Delta Associates Salutes Property as Top in Region

The luxurious Pierce condominium took home top honors from Delta Associates as the prime property in its residential class for 2022. Pierce’s popularity continues to dominate the regional condominium market, selling residences above $1,000 a square foot.

“We are thrilled to win this honor as it recognizes the prestige and prominence of Pierce as a beautiful new addition to the Virginia skyline,” said John Kusturiss, Senior Vice President of Development at Pierce Highlands, LLC. “Pierce was designed to appeal to a sophisticated clientele that values an understated but classic style of living. The continuing strength of our […]

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Penzance acquired a Chantilly parcel cleared for an auto dealership. It’s shifting gears to build data centers.

October 18th, 2022|Dan Brendel ||

A D.C.-based real estate investment firm is shifting gears with one of its properties in Chantilly, dropping previous plans to build an auto sales facility and instead seeking a rezoning to build data centers.

In August, an affiliate of Penzance Management LLC acquired a large, vacant parcel adjacent to an auto dealership cluster, about a mile south of Dulles International Airport, for $10 million. While much of it sits in a floodplain, about 12 acres of the lot are developable, adjacent to Ourisman Chantilly Toyota at 4135 Auto Park Circle. Fairfax County rezoned that part […]

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