Rubenstein Partners close on 367,500 s/f mixed-use investment in Alexandria, VA
ALEXANDRIA, VA — Rubenstein Partners, L.P. (including its affiliates, Rubenstein) announced the acquisition of 2461 Eisenhower Ave., a mixed-use office and retail property totaling 360,000 s/f and 2425 Eisenhower Ave., a retail development pad that can accommodate 7,500 s/f. The properties are located across the street from the National Science Foundation's new 720,000 s/f headquarters and the Eisenhower Ave. Station Metro within the 56-acre Hoffman Town Center.
2461 Eisenhower Ave. is a 14-story 335,000 s/f office building that also includes 25,000 s/f of single-story retail that "wraps" the office building and contains seven restaurants.The office building is currently "gutted" and in shell condition and will plan to undergo a 15-month transformation into a class A office building, which will include fitness and conference facilities, in addition to the existing retail. The 2425 Eisenhower Ave. retail pad consists of a land parcel zoned for 7,500 s/f of potential development, which will be planned for additional retail and/or restaurants to further amenitize the project.
The privately negotiated transaction was very attractive to Rubenstein, as the investment enables the team to implement its broad vertically integrated capabilities to construct, lease and otherwise reposition a large mixed-use project across from a Metro Station in a rapidly growing submarket experiencing superior office, retail and residential demand. The Hoffman Family, the seller of the properties, selected Rubenstein based on the firm's ability to execute on the complicated transaction on an "all-cash" basis.
"This was a complicated transaction that took time to ripen and come to fruition, but in the end, it is a transaction that we believe made sense for all parties involved," said Steve Evans, regional director of the Washington, DC market for Rubenstein. "We're excited to announce the closing and begin the implementation of our plan to complete the office and enhance the retail into a first class project with walkable amenities by a Metro."