WASHINGTON, Nov. 14, 2019 /PRNewswire/ -- Northridge Capital,
LLC, the Washington, D.C.-based
real estate investment and asset management firm, and KAMCO
Investment Company, a Kuwaiti based asset management and investment
banking firm, announced today their acquisition of Centerstone at
Tysons, a six-story, Class-A office building located in the heart
of Tysons Corner in Fairfax County, Virginia – the second
transaction for the partnership this year.
Centerstone at Tysons is located at 1550 Westbranch Drive and
offers a total of 151,949 rentable square feet on a 5.39-acre
parcel. The Property is 100% NNN leased to Federal Home Loan
Mortgage Corporation ("Freddie Mac") and is located in the North
Tysons micro-market within walking distance of several prominent
corporate headquarters, including Freddie Mac and Hilton Worldwide,
and walking distance to both Tysons Galleria and Tysons Corner
Center, two (2) of the largest shopping centers on the East
Coast. Additionally, the Property is conveniently located off
I-495 with excellent vehicular access to the Dulles Toll Road and
Beltway Express lanes via the new Jones Branch Connector.
Centerstone at Tysons was purchased with the help of a
five-year, fixed-rate mortgage loan provided by Citizens
Bank. "At Citizens, we try to think about the needs of our
clients from their point of view and offer the best solutions,"
said Tim Leon, Executive Vice
President of Commercial Real Estate for the Mid-Atlantic, Southeast
and Southwest at Citizens Bank. "Providing acquisition loans is
just one of the ways that Citizens delivers substantial value for
our clients and our communities." Centerstone at Tysons is
the second transaction in 2019 for Northridge Capital and KAMCO, as
Northridge purchased HP Plaza in Houston's Springwoods Village on behalf of
KAMCO in April of this year.
"We are thrilled to close the year with another successful
transaction with KAMCO Investment Company. We truly value our
relationship with KAMCO and view them as a long-term strategic
partner with a focus on expanding their portfolio in the US
commercial real estate industry" said David
Jackson, Founder & President of Northridge Capital.
"Partnering once again with Northridge Capital in acquiring
Centerstone at Tysons has been a great experience. The class
"A" real estate office building has a strategic location in the
heart of Tysons, Virginia, an area
that is known to occupy the corporate headquarters of several
Fortune 500 companies. We have been consistently scaling
KAMCO's real estate portfolio through diversified assets that
provide long-term value with attractive yields," said Mohammad
Al-Othman, Senior Vice President and Head of the Alternative
Investments Department at KAMCO.
"Similar to our investment rationale for HP Plaza, Northridge
Capital saw an opportunity to purchase a high-quality asset in a
dynamic submarket that is well positioned to capitalize on the
transformation taking place in Tysons," said David Etemadi, Managing Director for Northridge
Capital. "Centerstone at Tysons offers investors strong long-term
cash flow growth through its NNN lease structure and strong credit
security from a tenant with one of the highest possible credit
ratings. Moreover, we look forward to partnering with the Tenant as
they work to transform this building and map out the next
generation work environment with features and amenities that we
hope will serve as the prototype for the 'office of the future' for
Freddie Mac," he continued. Etemadi concluded, "the
attractiveness of the location will only improve given its close
proximity to The Mile, Kettler and PS Business Park's three million
square foot mixed-use development that will catalyze and continue
to transform Tysons into a walkable, 24/7 urban
environment."
The Washington, DC office of
Newmark Knight Frank ("NKF")
represented the seller, led by Jud
Ryan and James Cassidy.
Joseph Donato and Kassi Saridakis, also from NKF, secured the
financing on behalf of the borrower.
About Northridge Capital
Northridge Capital is an
independent real estate asset management firm that has invested
since its founding in 1997 in over 50 assets on behalf of its
investors with a combined acquisition value of approximately
$1.26 billion. Based in
Washington, DC, the company works
mainly with overseas institutional and individual investors,
especially those from the Middle
East, to successfully define and implement customized
strategies for investing in US commercial real estate.
Northridge focuses on generating superior risk-adjusted returns for
investors by acquiring, managing, and selling real estate assets
across a wide variety of property types and located in strategic
geographic areas. For further information, visit
www.northridgecapital.com.
About KAMCO
KAMCO Investment Company K.S.C (Public) is
a regional non-banking financial powerhouse headquartered in
Kuwait with offices in key
regional financial markets, offering a comprehensive range of
investment products and services covering asset management,
investment banking and brokerage. With decades worth of expertise
and leadership in the region, KAMCO boasts in excess of
$13.7 billion (as of 30 September 2019) in assets under management
across various asset classes and jurisdictions (making it the 5th
largest asset manager in the GCC).
KAMCO offers off-market real estate opportunities focusing on
core, core plus and grade "A" income generating assets with long
term steady income stream focusing on Europe and the US. Through its strategic
alliances and partnerships, KAMCO grew its real estate portfolio to
include 12 commercial properties (as of 30
September 2019) valued at over $800
million with average annualized cash distribution of 9% and
three realized exits achieving over 10% IRR. For further
information, visit www.kamconline.com.
About NKF
Newmark Knight
Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark
Group") (NASDAQ: NMRK), is one of the world's leading and most
trusted commercial real estate advisory firms, offering a complete
suite of services and products for both owners and occupiers.
Together with London-based partner
Knight Frank and independently owned offices, NKF's 18,000
professionals operate from more than 480 offices on six continents.
NKF's investor/owner services and products include investment
sales, agency leasing, property management, valuation and advisory,
diligence, underwriting, government-sponsored enterprise lending,
loan servicing, debt and structured finance and loan sales.
Occupier services and products include tenant representation, real
estate management technology systems, workplace and occupancy
strategy, global corporate services consulting, project management,
lease administration and facilities management. For further
information, visit www.ngkf.com.
Northridge Capital
David Jackson
T: 202-625-7890
/ dwjackson@northridgecapital.com
View original
content:http://www.prnewswire.com/news-releases/northridge-capital-and-kamco-investment-company-acquire-trophy-quality-class-a-office-building-in-tysons-virginia-300957906.html
SOURCE Northridge Capital, LLC