Cascade Realty acquires VA office building for $4.8 million
ARLINGTON, VA — Cascade Realty Partners has acquired a 30,361 s/f office building strategically located at the corner of Columbia Pike and Glebe Rd. in Arlington, for $4.8 million in an all-cash transaction. Situated on a 1.5 acre site and 75% leased to Bank of America, 3401 Columbia Pike has future development potential within a rapidly transforming corridor. The property was marketed by Cushman & Wakefield. This is the first acquisition for the newly formed Bethesda, MD-based partnership of Matt Clinebell and Adam Roffman, who both previously worked at Avison Young. “What we find so compelling about this deal is the combination of an incredibly strong national credit tenant in a part of Arlington that’s undergoing a major transition,” said Roffman.
“While the office building is fairly small, it sits on a 65,000 square parcel on the corner of two of Arlington’s busiest roads. For now, we plan to lease the remaining vacancy; over the long term, we think the area provides tremendous opportunities.” Known as Arlington’s “Main Street” and the busiest bus corridor in Virginia, Columbia Pike traverses the entire county from Arlington Cemetery in the east to the Fairfax County border in the west. In the late 1990s, Arlington County established the Columbia Pike Revitalization Organization to plan revitalization of three key portions of the corridor, using a new Form Based Code that streamlines rezoning. The Form Based Code has catalyzed extensive public and private investment in the corridor, including a new 303-unit apartment project with street-level retail space just across the street from 3401 Columbia Pike. Already home to more than 17% of Arlington’s population, Columbia Pike is expected to add 7,300 new residents, 7,000 jobs, and 2.2 million s/f of new commercial space by 2040. 3401 Columbia Pike is located just minutes from downtown Washington and major transportation routes I-395, I-66, Rte. 50, and Rte. 7. “This was our first deal, and it was more competitive than we initially thought it would be, with an all-cash quick close,” said Clinebell. “This acquisition taught us exactly what we need to do to be competitive, and we’re looking forward to doubling our portfolio. We’re going to continue scouring the market for interesting opportunities across product types, including deals that might be less conventional but provide greater upside.”