New owner Galena Capital Partners planning major renovation strategy
NAI KLNB has brokered the sale of an 18,000 square foot commercial office building located at 2579 John Milton Drive in the Herndon section of Virginia for $1.8 million. Jack Regler, Senior Director of NAI KLNB represented the buyer, Galena Capital Partners, with the Seller, Beatty Management represented in-house by Brian Rosenberg. The building, also known as The Fox Mill Medical and Professional Building, was approximately 54% leased at the time of the sale.
The building, which is part of the Fox Mill Shopping Center, will undergo substantial renovations commencing immediately. Interior improvements will include the building lobby, commons areas, restrooms and elevator cabs. In addition, the roof will be replaced, the parking lot resurfaced striped, and parts of the exterior facade will be re-painted. Overall, the building is being repositioned in an effort to attract new medical and professional office users. NAI KLNB has been selected to handle this leasing requirement.
“GCP recognizes the tremendous fundamentals of this asset and intends to invest significant capital resources to unlock that value,” explained Jack Regler of NAI KLNB. “Those fundamentals include a strategically strong location, being adjacent to a high-traffic retail center at the intersection of Reston Parkway and Fox Mill Road. Our research suggests that there exists a continuing demand for small medical and professional office users in the sub-market, and the new owners intend to elevate this building and capture these end-users.”
The adjacent FoxMill Shopping Center is anchored by Giant Food and features twenty-four retail tenants including Starbucks Coffee, Glory Days Grill and Lucia’s Italian restaurant.
Available tenant spaces will range from 1,000 to 4,300 square feet of space.
Galena Capital Partners is an investment firm specializing in value added real estate, including commercial and residential properties and land, in the Washington D.C. metropolitan area. GCP was founded in 2012 and is based in Alexandria, Virginia.
Founded in 1968, KLNB, LLC is comprised of two real estate services companies that includes NAI KLNB, a division that focuses on the sale and leasing of commercial office, industrial and warehouse properties, as well as KLNB Retail, which specializes in the sale and leasing of retail properties as well as tenant representation. KLNB is a joint venture in Paragon Commercial Property Management, a full-service provider of commercial real estate property and asset management services. In addition, the company formed a joint venture partnership with ColumbiaNational Real Estate Finance, LLC to create Arris Realty Capital, an entity that provides real estate financing options.
KLNB, LLC provides a full range of integrated brokerage, sales, financial, investment and strategic advisory services to the commercial office, industrial and retail marketplace. Headquartered in Towson, MD, the other four full-service offices are located in Columbia, MD; Washington, D.C., as well as Tysons Corner and Dulles, Virginia. For additional information visit www.klnb.com.
