Virginia

FALLS CHURCH, VA. — Newmark Knight Frank (NKF) has arranged the $87.5 million sale of two office buildings located at 3170 and 3180 Fairview Park in Falls Church. The seller, an affiliate of Boston-based Marcus Partners, completed a renovation at the property this year. The upgrades included adding 25,000 square feet of amenity space, an outdoor terrace, firepit, 100-person auditorium, 100-person conference facility and a fitness center. The assets were 98 percent leased at the time of sale to tenants including General Dynamics Information Technology, Capital Caring Health, Sheet Metal Workers’ National Pension Fund and Balfour Beatty. The leases have a weighted average of 11 years remaining. The asset is situated 15 miles west of downtown Washington, D.C. James Cassidy, Jud Ryan and Cliff Cummings of NKF represented the seller in the transaction. Joe Donato and Kassi Saridakis of NKF worked with the buyer, Vanderbilt Office Properties, on the financing of the acquisition. Terms of the financing were not disclosed.

NORFOLK, VA. — Colliers International has brokered the $20 million sale of an office building at Military Circle Mall in Norfolk. The property, which is located at 824 N. Military Highway, was originally built for J.C. Penney in 1969 and used to anchor Military Circle Mall. Now a 200,000-square-foot office building, the property sits on 16 acres and offers 1,436 parking spaces. Movement Mortgage and Sentara Health Plans occupy the asset. Patrick Gill of Colliers represented the seller, the City of Norfolk Economic Development Authority, in the transaction. MPB Inc. acquired the asset.