Private investor buys Joshua Coffer Gunnell Building for $4 million
- August 9, 2012
A private investor has acquired the Joshua Coffer Gunnell Building at 4010 University Drive in Fairfax for $4.1 million from the Extra Billy Smith Partnership. CBRE arranged the sale of the fully leased office building.
“With CDs & treasury bond yields at historically low interest rates, well-located and leased suburban office buildings such as this one provide an attractive investment option for the private investor. The price paid generated a 7.5 percent leveraged return, fully sheltered for at least the next six years – something even tax-free municipal bonds cannot match,” Bill Prutting Sr., first vice president at CBRE’s Washington, D.C. office said in a statement.
This 19,000-square-foot office, built in 1982, is three blocks from the Fairfax County Judicial Center and is primarily leased to law and accounting firms. CBRE’s William Prutting represented the seller in the transaction.