Kiddar Capital acquires Herndon Metro landing site
Falls Church-based private equity firm Kiddar Capital announced it has acquired 575 Herndon Parkway, the landing site for the platform of the Washington Metro Herndon Silver Line Station.
Kiddar Capital, which was founded by Washington, D.C., investor Todd Hitt, paid $33 million for the property. The 4.8-acre property includes the 135,102-square-foot office building primarily occupied by Booz Allen Hamilton.
The metro landing site is part of Herndon’s Transit-Oriented Core, a 38-acre urban-style district is planned to develop as a mixed-use property with Class A office space, retail and dining establishments, and urban lifestyle hotels and residences.
“This site is at the center of a vibrant community with local leaders committed to bringing new jobs and investment to their jurisdiction. Herndon’s leadership and larger community understand that good infrastructure drives development and economic growth,” Hitt said in a statement. “We look to invest on new infrastructure whenever possible, and are thrilled about this opportunity to steward the ownership of a metro-centric site in the town of Herndon.”
The station is scheduled to be complete in the first quarter of 2020. Kiddar Capital plans to hold the property for three to 10 years before redeveloping the site.
The firm also plans to integrate built world technology – a category that includes smart city tech – in the redevelopment, with much of the technology coming from companies in the Kiddar Capital Venture Portfolio.
The acquisition was financed by Eagle Bank and brokered by Colliers International.