Capital Automotive Real Estate Services Inc. has sold part of its 18-acre Dominion Square development site near Spring Hill Metro station in Tysons for $60.2 million after taking the larger 3.6 million-square-foot mixed-use project through Fairfax County's entitlement process.
Commercial real estate services firm Newmark Knight Frank (NASDAQ: NMRK) brokered the sale of the site's roughly 12-acre eastern parcel to LHL Dominion Square LLC, according to a deed recorded with the county on Nov. 6. The sale came more than a year after Capital Automotive retained Newmark to market the property. The site now hosts a collection of four automobile dealerships, including Sheehy Infinity of Tysons and Honda of Tysons Corner, generating about $3.5 million in annual income.
LHL Dominion Square appears to be an affiliate of New York Algin Management Co. LLC. Representatives for Algin, which shares the same business address on file with the Virginia State Corporation Commission for LHL Dominion Square, could not be reached for comment.
Algin was also connected to the ownership team that sold 601 D St. NW for $203.4 million earlier this year.
Representatives for NKF declined to comment on the identity of the buyer but confirmed the transaction. In a statement, NKF Executive Managing Director Jud Ryan said the approvals that Capital Automotive secured for the development allowed the buyer "to know exactly what parameters they are fully approved to work within as they design their unique vision for the future Dominion Square development." James Cassidy, Mark Anstine and Dan Lockard were also part of the NKF team.
The parcel LHL acquired is located south of Leesburg Pike and east of Spring Hill Road. It has been approved for 2 million square feet of office, residential, hotel and retail. The approved plan called for three 25-story office towers connected by a public sky park, a 25-story hotel with 250 rooms, two residential buildings with up to 600 units, and up to 125,000 square feet of retail. You can check out renderings in the gallery above.
The sale did not include Dominion Square's western parcel, which is still being marketed by NKF. That parcel has been approved for about 1.7 million square feet of mixed-use development.
