A Middle Eastern real estate developer is poised to acquire part of the planned International Place at Tysons, more than a year after the property’s current owner sought bankruptcy protection.
Omar Ayesh, chair of United Arab Emirates-based Nobles Properties, has signed a purchase agreement to buy the site of the former Ford dealership at 8201 Leesburg Pike for $18 million, according to court documents filed with the U.S. Bankruptcy Court in Alexandria.
The 5.4-acre property is owned by an affiliate of Stafford-based Garrett Cos., and would be sold separately from an adjacent office building at 8133 Leesburg Pike that was also going to be part of International Place. The phased development was to include up to 385 multifamily units and up to 160,000 square feet of commercial.
Stephen Leach, an attorney representing IPT Leesburg Pike LLC, the Garrett affiliate that owns 8201 Leesburg Pike, filed a motion with the court April 17 seeking permission to sell the property. A hearing is scheduled for May 7.
The acquisition appears to be the first for Ayesh in the D.C. area, but not the first example of Middle Eastern money fueling the future growth of Tysons. Khaled Juffali Co., of Saudi Arabia, has teamed up with Clemente Development Co. to build The View at Tysons, slated to include the region’s tallest building.
The proposed sales come nearly a year after Marcus & Millichap was retained to market the properties to interested buyers.
Garrett, through two affiliates, owes United Bank and KKM Ventures LLC more than $50.5 million, according to bankruptcy court documents. The two sales would come in at $48.25 million, just shy of that mark.
United Bank and KKM had moved to have the bankruptcy court lift a stay allowing them to foreclose on the properties. Leach, an attorney with Hirschler Fleischer PC, argued in his motion they cannot hope to recover more through foreclosure auctions based on the responses to Marcus & Millichap’s marketing efforts. United Bank and KKM have conditionally agreed to the proposed sale terms.
Marcus & Millichap is the nation’s largest brokerage firm focused exclusively on investment sales. It is based on a simple premise: matching each property with the largest pool of pre-qualified investors. With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more about the company, please visit www.MarcusMillichap.com.