June 23, 2017
New York-based Monday Properties acquired Beauregard Office Park, a five-property 300,000-square-foot office portfolio in Alexandria, VA from special servicing for an undisclosed amount. Located at 1500, 1600, 1800 1900 and 2000 N. Beauregard St., the assets were part of a group of nine properties known as Lafayette Property Trust.
They were part of a larger pool of pre-recession CMBS loans set to expire over the next year or so. The loans date back to 2007, and involved a partnership between Duke Realty Corp., Belcrest Capital Fund and Eaton Vance.
Monday and its undisclosed investment partner plan to complete a series of renovations in the coming year, designed to re-energize the 55%-leased office park and ignite leasing activity.
Monday Properties’ Anthony Westreich says the company is moving off the acquisitions sideline, and this shift to buyer reflects its future strategy.
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