The Pinkard Group and Principal Real Estate Investors have acquired a controlling condominium interest in Carlyle Overlook, a fourteen-story, Class A office building located at 2318 Mill Road in Alexandria, Virginia. Carlyle Overlook has a signature location in the Carlyle submarket, adjacent to both the Eisenhower Metro station and the planned Hoffman Town Center mixed-use development featuring an 80,000 square foot Wegmans and over 700 new residential units.
The Pinkard Group and Principal Real Estate Investors plan to make strategic investments at the property to enhance the building’s high-quality features and attract new tenants from Alexandria’s diverse tenant base.
The venture is acquiring the top half of the 251,000 square foot building which features large column-free open floor plates and high ceilings with expansive views of historic Old Town Alexandria, the Potomac River and National Harbor. Completed in 2008, Carlyle Overlook is among the newest and tallest office buildings in the Carlyle submarket which is anchored by the presence of both the US Patent and Trade Office and the National Science Foundation. The area’s proximity to abundant walkable amenities, including multiple full-service hotels and an array of food-service and entertainment options, makes Carlyle a sought-after location for first-class tenants.
Carlyle Overlook is the sixth office building acquisition by The Pinkard Group in Northern Virginia over the last couple of years and continues its strategy of focusing on high quality, Metro proximate assets located in strong demand markets.
“The Pinkard Group is excited to make its second investment in Alexandria in partnership with Principal Real Estate Investors,” noted Peter Kleeblatt, Principal with The Pinkard Group. “Following our venture’s successful development and sale of The Kingsley in Old Town, we are proud to partner again with Principal’s team in this urban infill market.”
“This investment is consistent with Principal’s strategy of acquiring high quality office assets in gateway markets at a discount to replacement cost. We look forward to working with The Pinkard Group who shares our passion of creating top tier workplaces," added Jim Halliwell, Managing Director of Principal Real Estate Investors.
The Pinkard Group acquired Carlyle Overlook on behalf of its Pinkard Fund II, a commingled discretionary real estate fund focused on investment opportunities in the greater Washington DC area.
About The Pinkard Group
The Pinkard Group is a real estate company that invests opportunistically across the spectrum of property types in the Washington, DC metropolitan area. The firm serves as a trusted local partner for national real estate investors offering a platform noted for deep market knowledge, extensive relationships and a thorough understanding of real estate at the property level.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $83.7 billion in commercial real estate assets*. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is a dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
