Partnership acquires five-story office building in Ballston
Washington Capitol Partners LLC, Kettler Inc. and JB Properties, an affiliate of Bognet Construction, have acquired a recently renovated class A office building in the Ballston submarket of Arlington. The seller was the JBG Cos., and the purchase price was not disclosed.
The five-story, 57,496-square-foot office building at 4420 N. Fairfax Drive is located on Ballston’s main corridor, two blocks from the existing Ballston Metro Station. When construction on a new entrance to the station begins in 2017, the western entrance will be located adjacent to the building.
According to a statement from the companies, the building is 98 percent leased. The property underwent extensive renovations totaling $3 million in 2010 and has the potential for future mixed-used development.
“The acquisition of 4420 N. Fairfax Drive represents an exceptional opportunity for Kettler,” Robert C. Kettler, the company’s chairman and CEO, said in a statement. “The redevelopment opportunities for this asset are immense, and we’re excited to have had the opportunity to work with Washington Capitol Partners on this joint venture.”
Washington Capitol Partners is real estate investment firm with a portfolio of properties including core office, warehouse/industrial and retail assets located in and around the Washington, D. C. area. The purchase is the company’s third acquisition in the area in the past six months.
Kettler and Kettler Management are owners, operators, and developers of apartments, condominiums and mixed-use projects throughout the Washington, D.C., area and surrounding mid-Atlantic region. The company’s headquarters are located at Tysons. Kettler focuses on urban and suburban revitalization with an emphasis on transit-oriented and mixed-use development. The company’s development pipeline includes 12 projects totaling nearly 4,300 units. Kettler Management manages more than 28,000 apartments for Kettler and third-party clients from New York to North Carolina.
JB Properties LLC is Bognet’s real estate acquisition and asset management organization and is an affiliate of Bognet Construction. The purchase represents Bognet's third area acquisition in the past six months.