Real Estate
Developer Snaps Up Reston Office Building
A developer has just purchased an office building in Reston for $18.6 million.
![A developer has just purchased an office building in Reston for $18.6 million.](https://patch.com/img/cdn20/users/22877169/20190717/093931/styles/patch_image/public/12180___17093842351.png)
RESTON, VA — A developer has just purchased Reston Metro Center II, an office building on Sunrise Valley Drive currently being used by defense contractor General Dynamics.
Consolidated-Tomoka Land Co. purchased the 64,000-square-foot property at 12180 Sunrise Valley Drive for $18.6 million, according to a statement.
The property is located near the future Reston Town Center Metro station that will open next year, and is just a half mile from the Halley Rise development, which has 3.5 million square feet of housing, retail, office and public screen space, as well as a new Wegmans grocery store.
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"Including the Reston Property, the Company has invested approximately $76 million year-to-date or approximately 76% of the mid-point of the Company’s 2019 guidance for the acquisition of income-producing assets," the statement reads. "The investments year-to-date consist of seven single-tenant properties located in six different states with a weighted average cap rate in-line with the mid-point of the Company’s 2019 guidance."
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