Townhome Complex to Replace Four Office Buildings in Herndon
By Keith Loria April 14, 2022 3:30 pm
reprints
Stanley Martin Companies has acquired an 8.8-acre site located within the Herndon Corporate Center in Herndon, Va., for $21.3 million, which it will use to develop 55 traditional townhomes and 56 two-over-two townhomes.
The two-over-two townhome concept consists of a townhome divided into two, two-story units stacked on top of each other. This configuration, which contains garage areas along the alleyway, represents the most efficient use of available land, the developers said.
The Town of Herndon Planning Commission approved a zoning change to residential use for the parcel in 2018.
The plot currently contains four one-story commercial office buildings. Three of the buildings will be demolished to pave the way for Phase I of the new residential use, with the fourth building removed at a future date to accommodate the Phase II development plan.
Finmarc Management was the seller, having acquired Herndon Corporate Center in 2016, as part of a larger 26-building, 950,000-square-foot portfolio formerly owned by First Potomac Realty Trust.
“Finmarc Management is not a residential development company so, after the company entitled the property, [we] searched for a residential development firm to sell it to, and Stanley Martin Corporation emerged as the buying entity,” Neil Markus, Finmarc’s managing principal, told Commercial Observer. “We intend to deploy the funds generated from this sale towards new value-add opportunities we continue to pursue throughout the mid-Atlantic region.”
More than 100,000 people, with a median household income exceeding $115,000, reside within a 3-mile radius of Herndon Corporate Center, according to Finmarc.
Construction on the development is expected to begin later this year.
Cushman & Wakefield’s Paul Norman and John Pellerito represented the seller in the deal. It was not clear who the buyer’s broker was.
Requests for comment from the buyer and brokers were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.
