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The proposed development sites previously pitched as International Place at Tysons sold last week for nearly $50 million to two separate buyers, more than a year after affiliates of their former owner sought Chapter 11 bankruptcy protection.
Thallium LLC, an affiliate of Cogent Communications Holdings Inc. (NASDAQ: CCOI) CEO Dave Schaeffer, closed Thursday on its previously announced acquisition of 8133 Leesburg Pike for $30.25 million. It acquired the property, which includes a nine-story office building, from an affiliate of Stafford-based Garrett Cos. In a related transaction, Tepe & Hisar LLC, an affiliate of a Turkish real estate company, paid $19.5 million for 8201 Leesburg Pike, the site of a former Ford dealership, from another Garrett affiliate.
The sales, brokered by a Marcus & Millichap (NYSE: MMI) team including Marty Zupancic and Bob Filley, set the stage for a potential reboot of the stalled development that’s been on the boards for more than four years. Garrett hoped to remake the two sites in phases. The project was planned to feature 386 multifamily units and up to 129,000 square feet of retail, restaurants and office space, along with two parks and two recreation areas.
Dogan Savasman, identified in court records as chief executive manager for Tepe & Hisar, could not be reached for comment. He said in a previous interview he intends to redevelop 8201 Leesburg but those plans could change from what Garrett had proposed. Schaeffer declined to comment.
Tepe & Hisar emerged as the winning bidder for 8201 Leesburg after outbidding Omar Ayesh, chair of United Arab Emirates-based Nobles Properties. Ayesh offered $18 million for the site. Schaeffer, meanwhile, recaptured his right to acquire 8133 Leesburg Pike after another bidder, Cobalt Real Estate Solutions, terminated its agreement to buy the property for $30.4 million.
It’s the latest in a string of acquisitions for Schaeffer, who owns more than 1.7 million square feet of commercial space in the D.C. region. Among other deals, he acquired a Tenleytown office-and-retail building earlier this year for $15.8 million.
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.