Monday Properties, a Rosslyn-based real estate investment firm, announced on Wednesday the acquisition of Beauregard Office Park, a five-building office park in Alexandria. The purchase price was not disclosed.
Besides its equity investment, Monday Properties said it would provide the joint venture with management, construction and leasing services.
Over the next year, the firm plans extensive enhancements to the 300,000-square-foot portfolio, including upgrades to the on-site amenities, common areas and landscaping.
“Monday Properties sees tremendous opportunity in Beauregard Office Park and is excited to upgrade the property to amplify the tenant experience,” Anthony Westreich, the company’s founding managing partner, said in a statement. “The acquisition will further strengthen Monday’s strategic thesis in finding unparalleled investments for our investors.”
The acquisition includes 1500, 1600, 1800 1900 and 2000 North Beauregard Street. Just north of I-395, the property is close to shopping centers, hotels, and restaurants. Existing tenants at the park include Inova Health System, Virginia Hospital Center, city of Alexandria and DXC Technologies (formerly HP Enterprises).
The acquisition follows recent news that Monday Properties completed an $888 million refinancing of its Rosslyn real estate portfolio, including nine buildings. Monday focuses on creating and enhancing commercial and residential properties that provide users with amenity-rich environments in major gateway markets throughout the U.S.