Corporate Oaks II in Herndon, VA Trades for $17.25M
Corporate Oaks II, a 78,576 square foot office building located at 607 Herndon Parkway in Herndon, VA, has sold for $17.25 million to Hooff-Fagelson Tract, LLC.
The seller was NV Commercial, which built the building in 1987.
The property is 100 percent leased and is within walking distance to the future Herndon-Monroe metro station. Corporate Oaks II will benefit from the new transit-oriented Town of Herndon Comprehensive Plan, which will permit up to a 4.3 FAR.
“It was important for the seller that we be able to communicate the opportunity this property represents as the Silver Line Metrorail expansion becomes a reality," said Jim Kornick, Avison Young Principal and member of the Capital Markets Group, which represented the seller in this transaction. "The in-place income from this fully-leased building provides the new owners with strong cash flow while they plan a repositioning for the future."
Hooff-Fagelson Tract, LLC is a local private partnership that was investing proceeds from a condemnation.