The 80-acre campus features four existing office buildings, but has been approved for an additional 900,000 sf of development. Possible options for an expansion include housing, retail space, more offices and a hotel.
The property serves as collateral for a $42.6 million loan that Fannie Mae had provided. Grosvenor plans to rename it Wheelhouse of Fair Oaks.
The medical-office property is 75 percent leased. The Long Cos. of Middleburg, Va. developed it in 2009. The sale includes a three-story parking garage and adjacent land entitled for development of a second 120,000-sf building.
43 percent leased. The property backed a $15.7 million loan securitized through Wachovia Bank Commercial Mortgage Trust, 2007-C31, which took title to the property last May. The building had been transferred to special servicer LNR Partners in June 2010.
The properties are encumbered by a $55 million senior loan that is securitized through UBS Commercial Mortgage Trust, 2007-FL1, as well as $11.1 million of mezzanine debt. The mezzanine loan had a balance of $22.2 million, but earlier this year, ...
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