Penzance has snapped up a mixed-use complex near the Innovation Center Metro station in Herndon, Virginia, as the rollout of the Silver Line Metrorail extension continues to draw new development interest.
The D.C.-based real estate investment company paid $50.5 million to BET Investments to buy The Mark at Dulles Station in an off-market deal, Penzance confirmed. BET, a commercial real estate owner, developer and manager led by Toll Brothers co-founder Bruce Toll, had owned the 169-unit apartment and retail building since 2014 after acquiring it for nearly $39.3 million.
Penzance had been targeting investments around the future Herndon station before heading one stop west to the area around the Innovation Center stop, one of six new Silver Line stations in the works that upon completion next year will run through Dulles International Airport and ultimately to Ashburn.
“Penzance is a strong believer in the Northern Virginia market and is seeing signs of economic growth on the Toll Road, in particular due to drivers like cybersecurity, cloud computing and defense technology,” Cristopher White, managing director of investments at Penzance, told CoStar News in an email. “In addition, the proximity to the future Innovation Center will make the area more desirable with better connectivity to other Silver Line markets (such as Reston Town Center and Tysons) and the rest of the DC metro area.”