American Realty Advisors Sells NoVA Office Building for Just $26M
The deal is lower than the $35M paid for the property in 2003
By Nick Trombola December 30, 2024 12:56 pm
reprints
An eight-story office building in Arlington, Va., has sold for far less than its most recently assessed value in what is becoming a trend for both the DMV and the buyer from South Florida.
Lake Worth Beach, Fla.-based investor In-Rel paid $25.7 million to an affiliate of American Realty Advisors for the 145,672-square-foot property at 3865 Wilson Boulevard, dubbed Ballston Gateway, according to the Business Journals. The building is 71 percent leased to tenants like Founders Bank, ECS Federal and Italian restaurant Carbonara.
The investor also landed a $16.7 million loan and $3 million line of credit for the sale from Northern Virginia-based Burke & Herbert Bank.
The value of the deal is nearly 40 percent less than its $42.1 million assessed value from this year, per Business Journals. It’s also a bargain compared to the $35.2 million that American Realty Advisors paid for it in 2003, records show.
American Realty Advisors could not immediately be reached for comment.
Although the firm is taking advantage of an office market in a downturn, In-Rel’s purchase of Ballston Gateway pales in comparison to its deal for 7500 Old Georgetown Road across the Potomac River in Bethesda, Md., earlier this year. The investment firm paid just $29.9 million for that 16-story office tower — over $100 million less than sellers Rockwood Capital and Stonebridge acquired it for in 2019. (Last month, Eaglebank signed a new lease at the Bethesda property and plans to relocate its headquarters there in late 2025.)
Nick Trombola can be reached at ntrombola@commercialobserver.com.
