A joint venture partnership between The Goldstar Group and CrossHarbor Capital Partners has acquired a commercial office building located in the Westfields Office Park in Chantilly, Virginia for $16.35 million. The three-story, 150,000 square foot office building is located on Park Meadow Drive. It sold for $109 per sq ft, having been 82 percent leased at the time of closing, following a $2 million renovation. Eric Berkman and Steve Gichner of Cushman & Wakefield represented the sellers, Carr Properties, while the buyers were self-represented. It’s the first acquisition The Goldstar Group and CrossHarbor Capital Partners have carried out together.
“Goldstar was extremely active in the commercial office market for a ten-year stretch that ended in the downturn of 2009, when our team pivoted to value-add investment opportunities in the residential market,” explained Michael Brodsky, Chief Executive Officer of The Goldstar Group. “The improving fundamentals of the Westfields office market, combined with Victory Point’s robust rent roll, was the combination our firm was seeking to re-enter the suburban office market after our five year hiatus.”
