Tomoka Land buys Virginia office asset for $18.6m

Tomoka Land buys Virginia office asset for $18.6m

Published at: 2019-07-18 15:17 | Author: CIJ USA
Consolidated-Tomoka Land Co., based in Daytona Beach, has closed on the $18.6 million purchase of an office building in Reston, Virginia. Known as Reston Metro Center II, the two story 64,000 sqf asset was built in 1984. The Sunrise Valley Drive building is currently 100-percent leased to a wholly owned subsidiary of defense contractor General Dynamics Corporation. The property underwent a $17 million renovation in 2018, the majority of which was paid for by the tenant. Trading for just over $290 per sqf, the transaction is expected to be part of a 1031 like-kind exchange.

Similar Stories:

Bridge Investment acquires South Florida offices for $123m
Bridge Investment Group is set to acquire two office properties in South Florida for a com  »
Thor Equities acquires Center of Excellence for $152m
Thor Equities has paid $152m for the Center of Excellence, a 48-acre business campus in Br  »
Capstone acquires West Palm Beach offices for $19.35m
Capstone has paid $19.35m for a class A office building in West Palm Beach, Florida. The s  »
Washington Capital Management acquires Fairmont Building in Bethesda, MD
The Bainum Family Foundation has closed on the $45.4 million sale of the Fairmont Building  »
“Steady,” “healthy,” “robust” and even “outperformed” were some of the adj   »
Orlando’s economic prospects haven’t looked so positive in ages. Not only are Florida   »
From the north to the south of Florida, occupancy rates of the largest office towers are r   »
Tampa mayor Bob Buckhorn was on hand at the groundbreaking ceremony as a show of support f   »