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Office Property Near Herndon Metro Sells To Multifamily Developer Partnering With Japanese Firms

A 1980s-era office complex next to the new Herndon Metro station has been eyed for mixed-use development for years, but now a new team has taken over the project.

Penzance, which had been planning to redevelop the two-story office property since 2015, sold it to a partnership led by San Diego-based Fairfield Residential.

Fairfield Residential paid $18.25M for the 4.3-acre site on the Dulles Toll RoadFairfax County property records show and Fairfield confirmed to Bisnow. It has partnered with a trio of Japanese companies — Sumitomo Forestry, Tokyo Tatemono and Chuo-Nittochi Co. — to take on a new vision for the property, according to a press release from the Japanese firms late last month.

Fairfield and Penzance declined to comment on the deal.

The partnership is now planning an eight-story, 400-unit residential building, with the top five floors set to be constructed from wood, according to the release, which said the project is expected to cost 21.3B yen, or $142M. The development is also planned to include 5K SF of retail, according to a read more

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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Atlanta firm buys two Arlington residential towers, expects return to ‘core markets’

May 18th, 2022|Dan Brendel||

Cortland, a big Atlanta-based real estate firm, closed on two big multifamily acquisitions in Arlington Tuesday, completing the first phase of its plans to invest $1 billion in local real estate.

The company is seeing “return migration to core markets” such as the D.C. area and “this demand shift is expected to continue over the coming years, enhancing our outlook for multifamily communities in the region,” Dan Irvin, a regional director of investments with Cortland, told the Washington Business Journal.

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Fire Station 10 Officially Opens To Serve The Rosslyn Community

October 8th, 2021|Michael O'Connell||

Arlington County officials celebrate opening of new fire station serving Rosslyn and the public-private partnership that made it possible.

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