13820 Sunrise Valley Drive in Herndon, Virginia — Courtesy: Progress Capital
By Joshua Burd
An investor has secured more than $60 million in acquisition financing for a 270,000-square-foot office building in Northern Virginia, in a deal arranged by Progress Capital.
In a news release, the Tinton Falls-based advisory firm said Societe Generale Corp. provided the loan in connection with the property at 13820 Sunrise Valley Drive in Herndon. Vision Properties CEO Fred Arena, whose firm has an office in Morris County and a sizable portfolio in New Jersey, purchased what’s known as South Lake at Dulles Corner Business Park from an undisclosed seller.
“This is a high-quality, well-positioned office product in a dynamic marketplace and a great investment,” Progress Capital’s Brad Domenico said. “I’m pleased to have taken part in helping my client accomplish his business goal.”
Domenico, who noted that the $60.5 million loan includes five years of interest only, said South Lake at Dulles Corner has a 10-story office building with waterfront views. Built in 2008, the building underwent a $42 million renovation in 2020 to customize the site for Amazon’s occupancy, boasting a new fitness center, a full-service café, conference facilities and other amenities.
The property’s campus-like setting sits at the intersection of Route 28 and the Dulles Toll Road, directly adjacent to Dulles International Airport and a short walk to the Silver line Innovation Center Metro station.