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Penzance Acquires Arlington Office Complex For $52M
SOLD
$52,000,000
Virginia
See Similar DealsOffice510,000 SF
Sold 11/27/2023
SOLD
Penzance Acquires Arlington Office Complex For $52M
1901 North Fort Myer Drive & 1911 North Fort Myer Drive
See Similar DealsOffice510,000 SF
Sold 11/27/2023
Summary
VIRGINIA
Asset Type:Office
Price Per Square Foot:$102
Total Square Footage:510,000 SF
Transaction Type:Sale
Penzance has acquired a two-building office complex at 1901 and 1911 North Fort Myer Drive in Arlington, VA. The sale price for the property was $52 million, with a total square footage of 255,000. The price per square foot was calculated at $203.92.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $52,000,000
- Address: 1901 & 1911 North Fort Myer Drive, Arlington, VA
- Market: Arlington, VA
The buyer in this transaction was Julia Springer, representing Penzance. The seller, on the other hand, was Matt Kelly, representing JBG Smith. Cushman & Wakefield acted as the broker for both parties involved.
It is worth noting that Penzance acquired the office complex at a price of $52 million, or $203.92 per square foot.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,773,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$184,745.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$246,506.53
Annual Debt Service$2,958,078.35
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