CNL Closes on Former Worldcom HQ in Arlington, VA

Real Estate Alert has reported that Commercial Net Lease Realty closed last week on the former Worldcom headquarters complex in Arlington, Va. The Orlando REIT, which recently announced plans to acquire office and industrial properties to complement its large base of retail properties, won an auction for the 491,000-sf property with a final bid of $142.8 million. Jamestown, the Atlanta syndicator, had previously been the high bidder at $ 133.4 million. Commercial Net Lease plans to spend another $28.9 million on previously scheduled tenant improvements and other costs. The property, at 601-701 South 12th Street, was built in 1982 and had undergone several renovations, most recently in 2000. The U.S. Transportation Security Agency is leasing the entire building through 2014. The sale was supervised by a federal bankruptcy court, which was advised by Hilco Real Estate of Northbrook, Ill. NAI/KLNB of McLean, Va., handled marketing. Sphere: Related Content