American Trucking Associations - Building Sale
American Trucking Associations (ATA) owned and occupied a 158,690-square-foot, 20-year old functionally obsolete building, in the Eisenhower Valley in Alexandria, VA. The property on which the building stood could yield 585,000 gross commercial square feet under the new master plan for the area, which made it more valuable as a redevelopment opportunity. ATA desired a state-of-the-art building on a Metro Line where the association could initially occupy approximately 105,000 square feet with room for growth. Most importantly, ATA wanted the opportunity to attain ownership by investing a portion of the proceeds from the sale of 2200 Mill Road.
Studley (now Savills Studley) marketed the building to national and local investors, developers and users. By using a focused marketing plan, which included a detailed marketing package, extensive financial analysis and numerous building tours, ATA received multiple competing offers for the property. With virtually all of ATA’s relocation opportunities being in buildings that were not yet constructed, Studley advised ATA that they would also need to leaseback 2200 Mill Road until their move into their new headquarters could be completed.
ATA eventually chose to sell the property to Commonfund Realty, LLC for $28,080,000, which is the same organization to which ATA had sold their adjacent land parcel in December 2003. ATA also decided to move to The Regent at 950 N Glebe Road in Arlington, VA. The leaseback terms coincided with the dates of ATA’s lease for their new headquarters, thus providing virtually no double-occupancy costs. Studley advised ATA in the negotiation of all documents, including the Purchase and Sale Agreement, Environmental hold-back and Leaseback agreements.
2200 Mill Road,
Capital Transactions, Capital Markets
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