$25M Buys Five-Acre Parcel for Mixed-Use Project

HERNDON, VA-Plans for the construction of a 540,000-sf mixed-use development have moved forward, now that the developer has acquired a 5.3-acre parcel to accommodate the project. Rockville, MD-based Washington Real Estate Investment Trust spent $24.7 million to buy the land, having relied on its line of credit to fund the acquisition.

The property, which can accommodate office, as well as ancillary retail space, sits within a 63-acre mixed-use campus that is currently in the works. It is along the Dulles Toll Road near Washington Dulles International Airport.

The initial phase of WRIT’s development endeavor will involve a 179,000-sf office building. The six-story structure is scheduled to get under way next month with a targeted completion date in the second quarter of 2007.