property for sale...property address 1806 robert fulton drive, reston, va year built 1985...

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PROPERTY FOR SALE in Northern VA Confidential Offering Memorandum

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Page 1: PROPERTY FOR SALE...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

PROPERTY FOR SALE in Northern VA

Confidential Offering Memorandum

Page 2: PROPERTY FOR SALE...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

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

Page 3: PROPERTY FOR SALE...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

EXECUTIVE SUMMARY

PROPERTY DESCRIPTION

MARKET OVERVIEW

TABLE OF CONTENTS

Page 4: PROPERTY FOR SALE...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

EXECUTIVE SUMMARY

Page 5: PROPERTY FOR SALE...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

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 ∕

Page 6: PROPERTY FOR SALE...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

PROPERTY DESCRIPTION

Page 7: PROPERTY FOR SALE...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

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 ∕

Page 8: PROPERTY FOR SALE...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

1806 Robert Fulton Drive

∕ 8 ∕

Page 9: PROPERTY FOR SALE...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

FLOOR PLANS

FIRST FLOOR12,407 S.F.

PROPERTY DESCRIPTION

∕ 9 ∕

Page 10: PROPERTY FOR SALE...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

FLOOR PLANS

SECOND FLOOR12,610 S.F.

1806 Robert Fulton Drive

∕ 10 ∕

Page 11: PROPERTY FOR SALE...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

FLOOR PLANS

THIRD FLOOR13,493 S.F.

PROPERTY DESCRIPTION

∕ 11 ∕

Page 12: PROPERTY FOR SALE...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

SITE PLAN1806 Robert Fulton Drive

∕ 12 ∕

Page 13: PROPERTY FOR SALE...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

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

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963

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28

12

1314

21

2526

2728

2930

31 32

33

2224

23

15

16

1718

19

20

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Wie

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Sunrise Valley Drive

RESTON AMENITY MAP

Toll Road

Page 14: PROPERTY FOR SALE...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

MARKET OVERVIEW

Page 15: PROPERTY FOR SALE...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

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 ∕

Page 16: PROPERTY FOR SALE...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

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 ∕

Page 17: PROPERTY FOR SALE...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

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 ∕

Page 18: PROPERTY FOR SALE...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

© 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

[email protected]

Rosanne Richards+ 1 703 905 [email protected]