Cascade Realty Partners buys Arlington office building for $4.8 million
Cascade Realty Partners, based out of Bethesda, Md., announced Tuesday that it has acquired a 30,361-square-foot office building in Arlington for $4.8 million in an all-cash transaction.
Located at 3401 Columbia Pike on a 1.5 acre-site, the building is 75 percent leased to Bank of America. Cushman & Wakefield marketed the property.
This is the first acquisition for the newly formed partnership of Matt Clinebell and Adam Roffman, who both previously worked at Avison Young before forming Cascade Realty.
“What we find so compelling about this deal is the combination of an incredibly strong national credit tenant in a part of Arlington that’s undergoing a major transition,” Roffman said in a statement. “While the office building is fairly small, it sits on a 65,000-square-foot parcel on the corner of two of Arlington’s busiest roads [Columbia Pike and Glebe]”.
Known as Arlington’s “Main Street” and the busiest bus corridor in Virginia, Columbia Pike traverses the county from Arlington Cemetery in the east to the Fairfax County line in the west.
Already home to more than 17 percent of Arlington’s population, Columbia Pike is expected to add 7,300 new residents, 7,000 jobs, and 2.2 million square feet of new commercial space by 2040.
Cascade Realty Partners, founded in 2014, is a privately held commercial real estate investment firm.