Archived News
FOR IMMEDIATE RELEASE
July 28, 2006
FAISON SELLS OFFICE COMPLEX IN HERNDON, VA
Dulles Executive Plaza, Herndon, VA
Charlotte, NC — July 28, 2006 — Faison today announced the sale of Dulles Executive Plaza office complex to Chicago-based Inland Real Estate Group of Companies for $124 million.
The twin six-story office-building complex of 379,596 square feet is located in Herndon, Virginia, within 2 miles of Washington, D.C.’s Dulles International Airport.
The sale was executed through Valley View Associates Limited Partnership, an entity controlled by Faison to MB Herndon, L.L.C., an entity controlled by Inland Real Estate Group of Companies. Trammell Crow Company served as investment broker for Faison on the transaction.
Dulles Executive Plaza is a class A office complex that Faison purchased in October 2003. Major tenants include Lockheed Martin, Exostar, and Nokia.
Philip W. Norwood, President and CEO of Faison explained “The Dulles Executive Plaza sale was initiated to capitalize on strong investor interest in the Herndon-Reston market due to strong tenant growth in the defense industry and the technology sector in the region.”
“The emergence of Herndon-Reston as a preferred office location in Northern Virginia has created both strong tenant and investor demand for well-located, quality office buildings. The sale of Dulles Executive Plaza allowed Faison to capitalize on the dynamics of this market,” said Norwood.
Faison enjoys a strong presence in the Washington, D.C. area, with extensive retail, residential and commercial holdings and in-process development activity in northern Virginia, suburban Maryland and the District of Columbia.
Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $500 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the Mid-Atlantic and South and maintains regional offices in Bethesda MD, Washington D.C., Charlotte NC, Charleston SC, Atlanta GA, Orlando and Delray Beach, FL. For more information, visit www.faison.com
Contact:
Faison: Philip W. Norwood, 704-972-2505
Media: Carol Lommerse, 704-972-2669 or carol.lommerse@faison.com
Web site address: www.faison.com
Source: Faison Enterprises
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