property for sale...property address 1806 robert fulton drive, reston, va year built 1985...
TRANSCRIPT
PROPERTY FOR SALE in Northern VA
Confidential Offering Memorandum
EXECUTIVE SUMMARY
PROPERTY DESCRIPTION
MARKET OVERVIEW
Affiliated Business DisclosureCBRE, Inc. operates within a global family of companies with many subsidiaries
and related entities (each an “Affiliate”) engaging in a broad range of
commercial real estate businesses including, but not limited to, brokerage
services, property and facilities management, valuation, investment fund
management and development. At times different Affiliates, including CBRE
Global Investors, Inc. or Trammell Crow Company, may have or represent clients
who have competing interests in the same transaction. For example, Affiliates
or their clients may have or express an interest in the property described in
this Memorandum (the “Property”), and may be the successful bidder for the
Property. Your receipt of this Memorandum constitutes your acknowledgement
of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate
has an obligation to disclose to you such Affiliates’ interest or involvement in
the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its
Affiliates will act in the best interest of their respective client(s), at arms’ length,
not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its
Affiliates will conduct their respective businesses in a manner consistent with
the law and all fiduciary duties owed to their respective client(s).
Confidentiality AgreementYour receipt of this Memorandum constitutes your acknowledgment that (i)
it is a confidential Memorandum solely for your limited use and benefit in
determining whether you desire to express further interest in the acquisition
of the Property, (ii) you will hold it in the strictest confidence, (iii) you will
not disclose it or its contents to any third party without the prior written
authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you
will not use any part of this Memorandum in any manner detrimental to the
Owner or CBRE, Inc.If after reviewing this Memorandum, you have no further
interest in purchasing the Property, kindly return it to CBRE, Inc.
DisclaimerThis Memorandum contains select information pertaining to the Property
and the Owner, and does not purport to be all-inclusive or contain all or part
of the information which prospective investors may require to evaluate a
purchase of the Property. The information contained in this Memorandum
has been obtained from sources believed to be reliable, but has not been
verified for accuracy, completeness, or fitness for any particular purpose. All
information is presented “as is” without representation or warranty of any kind.
Such information includes estimates based on forward-looking assumptions
relating to the general economy, market conditions, competition and other
factors which are subject to uncertainty and may not represent the current or
future performance of the Property. All references to acreages, square footages,
and other measurements are approximations. This Memorandum describes
certain documents, including leases and other materials, in summary form.
These summaries may not be complete nor accurate descriptions of the full
agreements referenced. Additional information and an opportunity to inspect
the Property may be made available to qualified prospective purchasers. You
are advised to independently verify the accuracy and completeness of all
summaries and information contained herein, to consult with independent
legal and financial advisors, and carefully investigate the economics of this
transaction and Property¹s suitability for your needs. ANY RELIANCE ON THE
CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
The Owner expressly reserves the right, at its sole discretion, to reject any or all
expressions of interest or offers to purchase the Property, and/or to terminate
discussions at any time with or without notice to you. All offers, counteroffers,
and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner
shall have any legal commitment or obligation except as set forth in a fully
executed, definitive purchase and sale agreement delivered by the Owner.
PMStudio_May2018
EXECUTIVE SUMMARY
PROPERTY DESCRIPTION
MARKET OVERVIEW
TABLE OF CONTENTS
EXECUTIVE SUMMARY
Property Address 1806 Robert Fulton Drive, Reston, VA
Year Built 1985
Construction Type Steel Frame/Brick
Total Building Area 38,510 Rentable Square Feet
Number of Stories Three
Parking Abundant Surface Parking
Land Area 161,172 SF
Zoning I-3 Light Industrial
THE OFFERINGCBRE IS PLEASED TO OFFER FOR SALE THE NATIONAL
HEADQUARTERS OF THE NATIONAL ASSOCIATION FOR
MUSIC EDUCATION (NAFME). THIS FREE STANDING
THREE STORY OFFICE BUILDING IS A 38,510
RENTABLE SQUARE FOOT HEADQUARTERS
BUILDING WITH ABUNDANT SURFACE PARKING.
The subject property is located just off Sunrise Valley Drive. It is located equidistantly between the Hunter Mill Road and Wiehle Avenue exits of the Toll Road. This location is also a short distance to the new Wiehle Avenue Metro stop. NAFME currently occupies approximately 1/3 of the building and the balance of the space is vacant. NAFME plans to vacate the building at closing so 100% of the building will be delivered vacant at closing.
INVESTMENT HIGHLIGHTS
PROPERTY FACTS
Abundant Surface Parking
Easy Access to Neighborhood Amenities
Short distance to the Wiehle Avenue Metro Stop
Unique Owner/User Headquarters Opportunity
EXECUTIVE SUMMARY
∕ 5 ∕
PROPERTY DESCRIPTION
PROPERTY DESCRIPTION 1806 Robert Fulton Drive is a three story, free-standing office building located in the Branches Office Park in
Reston, Virginia. The building is the national headquarters of the National Association for Music Education
(NAFME). NAFME has decided to sell the building and relocate to leased space in another property. NAFME
is the only occupant in the building so the property will be delivered 100% vacant at closing. The three
office floors are built out in a typical fashion with a combination of private offices and work stations.
There is also a large meeting/training room located on the third floor of the building and a fitness
center located on the first floor.
The building is steel frame construction with brick veneer and continuous ribbon glass,
which allows for an abundance of light to penetrate the interior areas of the building.
The building is situated adjacent to a park-like setting, which offers a warm,
campus type environment. There are three rooftop RTU HVAC units on the roof
(one per floor) and one elevator services all three floors. There is a large
parking lot which surrounds the building and provides an adequate
number of parking spaces for the occupants of the building. There
is also a quaint private patio area adjacent to the first floor of the
building.
The property is located just off Sunrise Valley Drive
and equidistant between the Hunter Mill Road
and Wiehle Avenue Toll Road exits. The Wiehle
Avenue Metro stop is located approximately
1.2 miles from the property, which is a short
2 minute drive. South Lakes Village
shopping center, which offers a
number of amenities, is also a
short ride away.
PROPERTY DESCRIPTION
∕ 7 ∕
1806 Robert Fulton Drive
∕ 8 ∕
FLOOR PLANS
FIRST FLOOR12,407 S.F.
PROPERTY DESCRIPTION
∕ 9 ∕
FLOOR PLANS
SECOND FLOOR12,610 S.F.
1806 Robert Fulton Drive
∕ 10 ∕
FLOOR PLANS
THIRD FLOOR13,493 S.F.
PROPERTY DESCRIPTION
∕ 11 ∕
SITE PLAN1806 Robert Fulton Drive
∕ 12 ∕
RESTON TOWN CENTER
1. Hyatt Regency
2. Jackson’s Mighty Fine
Food & Lucky Lounge
3. bartaco
4. Barcelona Wine Bar
5. Morton’s The Steakhouse
6. Passion Fish
7. Vapiano
8. sweetgreen
9. Mon Ami Gabi
10. Ted’s Bulletin
11. Clyde’s
12. Uncle Julio’s
PLAZA AMERICA
13. Whole Foods
14. Total Wine
15. The Melting Pot
16. Mod Pizza
17. Tropical Smoothie
18. Zoe’s Kitchen
19. Penn Station Subs
20. Brown Bag
RESTON STATION
21. Founding Farmers
22. Starbucks
23. Sweet Leaf
24. Pop Up Retail
SOUTH LAKES VILLAGESHOPPING CENTER
25. Starbucks
26. Chipotle
27. Cafesano
28. Red’s Table
29. Safeway
30. Flippin Pizza
31. Subway
32. BB&T
33. SunTrust
111
1057
963
4
28
12
1314
21
2526
2728
2930
31 32
33
2224
23
15
16
1718
19
20
Rest
on P
arkw
ay
Wie
hle
Ave
nue
Sunrise Valley Drive
RESTON AMENITY MAP
Toll Road
MARKET OVERVIEW
MARKET OVERVIEWPurchased and master planned by Robert E. Simon, Jr. in 1961, Reston is considered one of America’s
most successful planned communities. Reston’s master plan emphasizes quality of life and a community
where people can live, work, and play.
Recognized as one of the most dynamic and successful commercial office markets in the United
States, the Dulles Corridor is comprised of over 30 million square feet of office space located in
Reston and Herndon, along a six-mile stretch of the Dulles Toll Road. The Dulles Corridor has emerged
as the preeminent submarket in the Washington DC region, boasting the area’s most sought after
demographics, connectivity and amenity base.
15.7 Million SF of Office
Vacancy Rate:16%
Average Rental Rate: $35.86
Average Class A Rental
Rate: $37.66
MARKET OVERVIEW
∕ 15 ∕
Located within Fairfax County,
the Dulles Corridor has direct
access to the region’s young,
affluent and highly educated
population. Fairfax County boasts
an unemployment rate of just 3%,
180 basis points below the national
average, and a median household
income of over $112,000, ranking as
the third wealthiest county in America.
Furthermore, the 1.1 million residents
are some of the most educated in the
nation, creating a dynamic labor force
of over 600,000 employees. 60% of
the adult population holds a bachelor’s
degree or higher, nearly doubling the
national average. This figure is even more
pronounced when examining the Dulles
Corridor subset of Reston and Herndon,
where 80% of its adult residents hold a higher
education degree.
Contributing to the community atmosphere are
several retail centers throughout Reston. The
largest and most dynamic of these is the Reston
Town Center, a mixed use environment offering
a broad range of dining options; from high-end
establishments such as Morton’s Steakhouse,
Passionfish and Mon Ami Gabi to more casual sit
down restaurants such as Jackson’s, Barcelona,
Crafthouse and Ted’s Bulletin. This wide array of
dining extends to leading fast casual concepts such as
SweetGreen, The Counter and BarTaco.
1806 Robert Fulton Drive
∕ 16 ∕
PROPERTY NAME/ ADDRESS
DATE OF SALE
“YEAR BUILT/RENOVATED
CLASS SIZE PRICE UNIT PRICE SELLER BUYER
American Press Institute 11690 Sunrise Valley Dr
12/1/2016 1975/2000 B 48,200 $8,702,500 $181.00 Rooney Properties, LLC Sekas Homes
Parkridge Center 2 10803-10805 Parkridge Blvd
1/26/2015 1985 B 95,560 $34,250,000 $358.41 Garrison
Investment Group
Boyd Watterson
Asset Management
11425 Isaac Newton Sq 6/5/2015 1968 B 39,236 $5,990,000 $152.67 Percontee Inc
The Peter Lawrence
Companies
Washington Plaza Business Ctr 11484 Washington Plz W
2/26/2018 1974 B 46,088 $11,725,000 $254.40 Spaulding
& Slye Investments
Washington Alliance
Capital, LLC
Reston Gateway 11720 Sunrise Valley Dr
2/16/2018 1985 B 70,000 $16,341,270.00 $233.00 Young Group Toll Brothers
1861 Wiehle Ave 7/28/2017 1985 B 81,037 $16,683,803.80 $206.00 Royco Inc JBG Smith
future Lofts at Reston Station 1825 Michael Faraday Dr
12/18/2016 1979 C 11,259 $5,125,000.00 $455.00
Hardwood Plywood & Veneer
Association
Pulte Homes, Pulte Home
12054 N Shore Dr 6/30/2016 2007 B 10,580 $2,665,000.00 $252.00 Bow Wow LLC Tall Oaks Coml Center LLC
RESTON SALE COMPS
MARKET OVERVIEW
∕ 17 ∕
© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.
CONTACTManny Fitzgerald+1 202 585 5540
Rosanne Richards+ 1 703 905 [email protected]