Northern Virginia trophy office asset trades for $90 million

3150 Fairview Park Drive, a 257,489-square-foot
 trophy office building in Falls Church, VA

WASHINGTON, DC – JLL Capital Markets announced it has closed the $90 million sale of 3150 Fairview Park Drive, a 257,489-square-foot, trophy office building in Falls Church, Virginia.

 Bill Prutting

 JLL represented the seller, Clarion Partners, LLC, and procured the buyer, funds managed by U.S.-based Apollo Global Management.

 3150 Fairview Park Drive is 100% leased on a long-term basis and serves as the mission-critical global headquarters for General Dynamics Information Technology (GDIT), a wholly-owned subsidiary of General Dynamics (NYSE: GD).

Completed in 2001, the property recently underwent a complete asset repositioning which included building operating systems, the creation of an atrium lobby, constructing all new common areas, tenant spaces and enhancing building amenities.

 The JLL Capital Markets team representing the seller was led by Senior Managing Directors Bill Prutting and Jim Meisel and Managing Director Matt Nicholson.

Jim Meisel 

 “3150 Fairview was highly sought-after due to its rare combination of a long-term leased global headquarters of a strong credit tenant, a fully renovated trophy asset and a submarket (Fairview Park) in Northern Virginia, which has experienced one million square feet of leasing activity since 2017, with many tenants landing in Fairview Park from ‘on-Metro’ locations.” Prutting added. 

About Clarion Partners, LLC

Clarion Partners LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 36 years.

Headquartered in New York, the firm maintains strategically located offices across the United States and Europe.

Matt Nicholson

With $50 billion in total assets under management as of March 2019, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its 350 domestic and international institutional investors.

More information about the firm is available at clarionpartners.com.

 About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. 

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. 

CONTACT:

Kristen Murphy

Senior Manager

 Public Relations

 Investor Services JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

  jll.com.

$84.3M in financing secured for six-property industrial portfolio in Sunbelt

Part of six-property industrial portfolio totaling
1.58 million square feet throughout the Sunbelt

 

Christopher (Chris) Drew

MIAMI, FL – JLL Capital Markets announced  it has arranged $84.3 million in post-acquisition financing for a six-property industrial portfolio totaling 1.58 million square feet throughout the Sunbelt with assets located in Miami, Florida; Atlanta, Georgia; Greensboro, North Carolina; Memphis, Tennessee; and Phoenix, Arizona, markets.

 JLL worked on behalf of the borrower, MDH Partners, to place the five-year, floating-rate loan with Wells Fargo Bank, N.A.

 

The borrower acquired the portfolio properties in separate transactions throughout the year. 

The portfolio comprises two Florida properties, 1350 NW 74th St. in Miami and 3115-3165 Lakewood Ranch Blvd. in Bradenton, along with 5300 Kennedy Rd. in Forest Park (Atlanta MSA); 404, 420 A&B N. Chimney Rd. in Greensboro; 4565 W. Watkins St. in Phoenix; and 3527-3539, 3543 Lamar Ave. in Memphis.

Maxx Carney

The well diversified portfolio is home to more than 30 local, regional and national tenants and located within high-performing industrial markets with robust tenant demand, demonstrated by limited vacancy rates and substantial 12-month net absorption.

 

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Christopher Drew, Director Maxx Carney and Associate Reid Carleton, along with Senior Managing Director Ed Coco and Director Carl Beardsley.

 

“The portfolio received significant lender interest, which is a testament to exceptional strength of the sponsorship and the markets’ demand for industrial financing opportunities,” Drew said. “We are honored to have advised MDH Partners on this transaction.”

 

Reid Carleton

“The capitalization of this portfolio is a prime example of how industrial assets and exceptional borrowers continue to command superior interest from debt capital providers in a fragmented capital markets environment,” Carney added.

 

MDH Partner’s CFO, Arun Singh said, “This new portfolio enhances MDH’s platform with great tenant diversity, long leases and expanding MDH’s reach to Central Florida.

 

"We are delighted with JLL’s financing execution, especially given uncertain market conditions. We wanted to evaluate multiple loan structures and were impressed with the final outcome.”

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Ed Coco 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sale advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 For more news, videos and research resources on JLL, please visit our newsroom.

 

 

About MDH Partners

 

Founded in 2005 as the successor to a 50-year-old real estate development company, MDH Partners has participated in over $4 billion of acquisitions, developments and asset management.

Arun Singh

 

 In 2019, MDH launched a $350 million closed-end fund targeting industrial and logistics properties in the Southeast and Southwest for its institutional investors.

Carl Beardsley

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

 JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

 JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020.

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

 Contact:

 Kimberly Steele

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com