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Eastdil serves as broker in transaction Meridian Group acquires two office buildings in Tysons, VA for $58.25million

ISSUE HIGHLIGHTS Volume 32, Issue 9 May 15 - 28, 2020 5-19A NEW JERSEY/ PENNSYLVANIA MULTIFAMILY DEVELOPMENT SPOTLIGHT UPCOMING CONFERENCES 6 th Annual NJ Industrial Development Conference September 2, 2020 6 th Annual NJ CRE Leadership Honoring Women in Real Estate September 9, 2020 5 th Annual PA Healthcare & Medical Conference For speaking and sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com Section B

YSONS, VA — The Meridian Group has acquired two office buildings in Tysons: • 1951 Kidwell Dr., an eight-story class B office building. The 172,957 s/f building is 75% leased. • 1953 Gallows Rd., an eight-story class B office building. The 256,714 s/f building is 55% leased. Together, the buildings total 429,671 s/f and are 64% leased across both properties. • Broker: Eastdil • Purchase price: $58.25 million About the buildings: The properties are located at an ideal access point at the in- tersection of Rte. 7 and the Capital Beltway (I-495) and within a half mile of Tysons Corner Center. The build - ings offer an ideal combina- tion of unmatched location, competitive asking rents, signage visibility from I-495 and a recently upgraded ame- nity package. The property T

1951 Kidwell Dr.

1953 Gallows Rd.

at 1951 Kidwell Dr. features prominent signage opportuni- ties along I-495. The building at 1953 Gallows Rd. is adja - cent to Fairfax Square, the premier non-Metro mixed-use complex in the area boasting multiple full-service restau- rants, coffee bars and an Equinox fitness club. Both properties feature easy and rapid access in and out of Ty- sons via Rte. 7, Chain Bridge Rd. and Gallows Rd. Gary Block , partner and chief investment officer of

The Meridian Group, offers his perspective: Why did Meridian decide to buy these two buildings? “Meridian has long been believers in the ongoing re- naissance in Tysons,” Block said. “The 950,000 s/f of net absorption in Tysons in 2019 -- making it the top perform - ing DCMetro area submarket of the year -- further sup- ports our bullishness. These buildings fit into Meridian’s existing Tysons portfolio as a compelling value alternative

for cost-conscious tenants that are priced out of office buildings closer to Metro.” What plans does Meridian have for these buildings? “The majority of the capital invested into the property will be to lease up existing vacancies,” Block said. “Me - ridian is planning a capital project to drive leasing ac - tivity, including a modest renovation of the amenities and common areas as well as updating the back of the house.” 

Cushman & Wakefield orchestrates sale of Lawnside Commons shopping center $31.55M

LAWNSIDE, NJ — Cush- man & Wakefield’s Capital Markets team has arranged the sale of Lawnside Commons, a 151,000 s/f retail property in Lawnside. Located at 310 White Horse Pike, Lawnside Commons traded from an undisclosed

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Lawnside Commons

institutional seller to a joint venture partnership between MCB and United Hamp- shire US REIT . The com - mercial real estate services firm represented the seller and procured the buyer in the $31.55 million trade or - chestrated by East Ruther - ford-based investment sales specialists Andrew Merin, David Bernhaut, Gary Ga- briel, Brian Whitmer, Kyle Schmidt and Max Helfman, along with Karen Iman and

egress, including a signalized intersection off Rte. 30. “Lawnside Commons is sup- ported by affluent demograph - ics and a densely-populated trade area with a population of 286,000 people within a five- mile radius,” said Whitmer. “Currently 100% leased to a seasoned lineup of long-time national tenants, this asset presented an incredible oppor- tunity to acquire a best-in-class retail property just eight miles from Philadelphia.” 

Keith Braccia of the firm’s Philadelphia office. Anchored by Home Depot, the center’s co-tenancy includes nationally-recognized names such as PetSmart, Wendy’s, T-Mobile and Mattress Firm. The property offers excellent visibility at the crossroads of a primary commuting corridor in proximity to I-295 and the NJ Tpke. Lawnside Commons boasts ample parking, excel - lent highway visibility and four separate points of ingress/

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