Northridge Capital and KAMCO Investment Company Acquire Trophy-Quality, Class A Office Building In Tysons, Virginia

WASHINGTON, Nov. 14, 2019 /PRNewswire/ -- Northridge Capital, LLC, the Washington, D.C.-based real estate investment and asset management firm, and KAMCO Investment Company, a Kuwaiti based asset management and investment banking firm, announced today their acquisition of Centerstone at Tysons, a six-story, Class-A office building located in the heart of Tysons Corner in Fairfax County, Virginia – the second transaction for the partnership this year.

Centerstone at Tysons is located at 1550 Westbranch Drive and offers a total of 151,949 rentable square feet on a 5.39-acre parcel.  The Property is 100% NNN leased to Federal Home Loan Mortgage Corporation ("Freddie Mac") and is located in the North Tysons micro-market within walking distance of several prominent corporate headquarters, including Freddie Mac and Hilton Worldwide, and walking distance to both Tysons Galleria and Tysons Corner Center, two (2) of the largest shopping centers on the East Coast.  Additionally, the Property is conveniently located off I-495 with excellent vehicular access to the Dulles Toll Road and Beltway Express lanes via the new Jones Branch Connector. 

Centerstone at Tysons was purchased with the help of a five-year, fixed-rate mortgage loan provided by Citizens Bank.  "At Citizens, we try to think about the needs of our clients from their point of view and offer the best solutions," said Tim Leon, Executive Vice President of Commercial Real Estate for the Mid-Atlantic, Southeast and Southwest at Citizens Bank. "Providing acquisition loans is just one of the ways that Citizens delivers substantial value for our clients and our communities."  Centerstone at Tysons is the second transaction in 2019 for Northridge Capital and KAMCO, as Northridge purchased HP Plaza in Houston's Springwoods Village on behalf of KAMCO in April of this year.

"We are thrilled to close the year with another successful transaction with KAMCO Investment Company.  We truly value our relationship with KAMCO and view them as a long-term strategic partner with a focus on expanding their portfolio in the US commercial real estate industry" said David Jackson, Founder & President of Northridge Capital.

"Partnering once again with Northridge Capital in acquiring Centerstone at Tysons has been a great experience.  The class "A" real estate office building has a strategic location in the heart of Tysons, Virginia, an area that is known to occupy the corporate headquarters of several Fortune 500 companies.  We have been consistently scaling KAMCO's real estate portfolio through diversified assets that provide long-term value with attractive yields," said Mohammad Al-Othman, Senior Vice President and Head of the Alternative Investments Department at KAMCO.

"Similar to our investment rationale for HP Plaza, Northridge Capital saw an opportunity to purchase a high-quality asset in a dynamic submarket that is well positioned to capitalize on the transformation taking place in Tysons," said David Etemadi, Managing Director for Northridge Capital. "Centerstone at Tysons offers investors strong long-term cash flow growth through its NNN lease structure and strong credit security from a tenant with one of the highest possible credit ratings. Moreover, we look forward to partnering with the Tenant as they work to transform this building and map out the next generation work environment with features and amenities that we hope will serve as the prototype for the 'office of the future' for Freddie Mac," he continued.  Etemadi concluded, "the attractiveness of the location will only improve given its close proximity to The Mile, Kettler and PS Business Park's three million square foot mixed-use development that will catalyze and continue to transform Tysons into a walkable, 24/7 urban environment." 

The Washington, DC office of Newmark Knight Frank ("NKF") represented the seller, led by Jud Ryan and James Cassidy.  Joseph Donato and Kassi Saridakis, also from NKF, secured the financing on behalf of the borrower.

About Northridge Capital
Northridge Capital is an independent real estate asset management firm that has invested since its founding in 1997 in over 50 assets on behalf of its investors with a combined acquisition value of approximately $1.26 billion.  Based in Washington, DC, the company works mainly with overseas institutional and individual investors, especially those from the Middle East, to successfully define and implement customized strategies for investing in US commercial real estate.  Northridge focuses on generating superior risk-adjusted returns for investors by acquiring, managing, and selling real estate assets across a wide variety of property types and located in strategic geographic areas.  For further information, visit www.northridgecapital.com.

About KAMCO
KAMCO Investment Company K.S.C (Public) is a regional non-banking financial powerhouse headquartered in Kuwait with offices in key regional financial markets, offering a comprehensive range of investment products and services covering asset management, investment banking and brokerage. With decades worth of expertise and leadership in the region, KAMCO boasts in excess of $13.7 billion (as of 30 September 2019) in assets under management across various asset classes and jurisdictions (making it the 5th largest asset manager in the GCC).

KAMCO offers off-market real estate opportunities focusing on core, core plus and grade "A" income generating assets with long term steady income stream focusing on Europe and the US. Through its strategic alliances and partnerships, KAMCO grew its real estate portfolio to include 12 commercial properties (as of 30 September 2019) valued at over $800 million with average annualized cash distribution of 9% and three realized exits achieving over 10% IRR. For further information, visit www.kamconline.com.

About NKF
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently owned offices, NKF's 18,000 professionals operate from more than 480 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management.  For further information, visit www.ngkf.com.

Northridge Capital
David Jackson
T: 202-625-7890 / [email protected]

SOURCE Northridge Capital, LLC

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