Virginia

ARLINGTON, VA. — Federal Capital Partners (FCP) has sold a 10-story, 182,832-square-foot office building located at 4040 N. Fairfax Drive in Arlington’s Ballston submarket for $56.2 million. The buyer, a joint venture between Lionstone Investments and Penzance, also holds an option to acquire the adjacent office building located at 4000 N. Fairfax Drive. The McMullin Revocable Family Trust, FCP’s partner and prior owner of 4040 N. Fairfax, has retained control of the property’s density rights, which will be sold separately to the Lionstone-Penzance venture. FCP entered into a partnership with the McMullin Family on the office building in July 2012 with a preferred equity investment. Since then, the partnership has fully renovated the office building and inked lease agreements with Marymount University and Virginia Heritage Bank, which is now known as Eagle Bank. Law firm McGuire Woods negotiated the transaction via a trust structure that separated the building from its additional density rights. Bill Collins and Jud Ryan of Cassidy Turley represented the buyer in the transaction.

STERLING, VA. — St. John Properties Inc. has acquired three office/flex buildings spanning 125,000 square feet for approximately $11.7 million. The properties are located at 21660, 21670 and 21680 Ridgetop Circle in the Loudoun Tech Center in Sterling, roughly eight miles northwest of Reston, Va. The properties were 36 percent leased at the time of sale. Steve Gichner and Eric Berkman of Cushman & Wakefield represented the undisclosed seller in the transaction. St. John Properties plans to make capital improvements to the properties to improve occupancy.

RICHMOND, VA. — The Simpson Organization has acquired Westerre I and II, a Class A office portfolio in the Westerre Office Park in Richmond, for $22 million. The office assets total 163,290 square feet and are 92.1 percent leased to 26 tenants, including Tridium Inc., Interbake Foods LLC, Comcast and Batzli Stiles Butler Law Firm. Eric Robison of Cushman & Wakefield | Thalhimer’s Richmond office represented the undisclosed seller in the transaction. The Simpson Organization has hired Dean Meyer and Mac Wilson of Cushman & Wakefield | Thalhimer to lease the properties going forward.