Virginia Office Property
Real Estate Alert | July 28, 2004
Stonewater Partners, a value-added fund headed by former Eastdil Realty brokers
Jeffrey Toporek and David Stade, is under contract to pay $38.5 million for Park
Center 1, a 226,000-sf building in Alexandria, Va. The 14-story building, at
3101 Park Center Drive, is fully leased through 2007 to the U.S. Department of
Agriculture and the U.S. Army Audit Agency. The property carries a $26 million
loan at 7.6% that runs through 2009 and must be assumed. The $170/sf price
brings an initial yield of about 9.5%. The seller is developer Myron Erkelitian,
who is being represented by Transwestern Commercial Services.
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