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Miami-based Banyan Street Capital is making its first investment in Virginia with the acquisition of an office property from Beacon Capital.
The firm, which owns and manages about 60 buildings in select US markets, is acquiring the 332k SF American Center at 8300 and 8330 Boone Blvd in Tysons. Sale price for the property checks in at $69M, or $207 per SF, Commercial Real Estate Direct reports.
American Center consists of a pair of eight-story office buildings that are about 75% occupied by a roster of tenants that includes the County of Fairfax and Microtechnolgies. Beacon acquired the 31-year-old property as part of a larger portfolio acquisition in 2007.
At the time of acquisition, American Center was about 95% occupied, but several tenants have vacated as result of government cutbacks and the recession of 2010. Beacon has since upgraded the building in an effort to stem the tide, and those efforts have paid off with an impressive price tag.
Earlier this year, Beacon completed renovations at another of its holdings in the region. The company has transformed 601 New Jersey Ave in the Capitol Hill submarket into a Class-A office building with top of the line amenities. [CRED]
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