Transwestern Investment, Acento Sell Suburban DC Asset

Gatewood Plaza is less than 40 minutes from downtown Washington, D.C. Image courtesy of Transwestern Investment Group

Transwestern Investment Group and Acento Real Estate Partners have sold an 88,995-square-foot office property in Fairfax, Va. At the time of the sale, Gatewood Plaza was 96 percent occupied.

Situated at 10201 Fairfax Blvd., Gatewood Plaza is a five-story building completed in 1985, CommercialEdge data shows. Renovated in 2015, the property features an outdoor patio with seating, some 300 parking spaces and floorplates with single and multi-tenant layouts.

Current tenants at the property include Trident Systems, P.E. Systems, Weichert Realtors, Summit Research, Park & Park, SunRun, Nova MedSculpt and Collins Engineers, according to the same source.

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Located near the intersection of Route 123 and U.S. Route 50, Gatewood Plaza is in proximity to dining, entertainment and retail options throughout Fairfax. The nearby Interstate 66 provides access to downtown Washington, D.C., in approximately 35 minutes. The Washington Dulles International Airport and Reagan National Airport are less than 25 minutes from the asset.

Gerry Trainor with Transwestern’s Mid-Atlantic Capital Markets group represented the seller in the deal.

While some industries are maintaining a significant footprint in the Northern Virginia office market, the total vacancy rate in the area remains around 21 percent, according to a recent Avison Young report.  Without Amazon’s occupancy at HQ2 boosting net absorption in the market, overall absorption is continuing negatively with -405,000 square feet in the second quarter of this year.

Earlier this year, TIG acquired a 582,400-square-foot Columbus, Ohio, distribution center. The fully occupied property houses a single investment-grade tenant and was purchased on behalf of a separately managed account.