21010-21100 Dulles Town Cir
Sterling, VA 20166

"Cushman & Wakefield | Thalhimer in conjunction with Ten-X is pleased to exclusively offer the opportunity to acquire a non-performing note secured by a first-lien mortgage on a 75,000 square foot, single-tenant Dick’s Sporting Goods, (""the Tenant""). The collateral adjoins the 1,550,000 SF Dulles Town Center located in Sterling, Virginia and is subject to a ground lease, (firm term through January, 2037, extension options through January, 2057) owned by the shopping center owner. The building lease with the Tenant runs through January 2022. The loan originated on October 6, 2006 in the amount of $9,000,000 for a 120 month term with an anticipated repayment date (ARD) of October 11, 2016. The ARD was missed by the borrower and a final maturity date of October 11, 2036 with accelerated debt payments is currently in place. The current principal and interest payments are $70,263 based on a rate of 8.80%* per annum. The borrower is not making loan payments and the loan is currently in default. Dick’s pays $850,000 in rent annually on an absolute net lease for the building, accounting for over $2.6MM of remaining contractual rent. Dick’s is also the sub-lessee for the ground lease, covering the obligation through January 2022. The opportunity to acquire the underlying note at a discount to the remaining value of Dick’s lease obligations offers a significant value-add investment opportunity for the ultimate buyer. Originally constructed in 1999 as a super-regional mall, Dulles Town Center has begun a transition to a mixed-use, master-planned community with plans for 1,400 apartments, a Courtyard By Marriott hotel and conference center and over 400,000 square feet of Class A office space. The mall itself features a state-of-the-art Regal Cinemas along with anchors LA Fitness, Macy’s, Lord & Taylor, and H&M, as well as numerous dining options. Strategically located at the intersection of Route 7 and Route 28, the Property stands to benefit from the rapid growth of the Dulles region, offering a buy-and-hold strategy or an opportunity for future redevelopment. *No less than 8.80% or Treasury Constant Maturity Yield Index plus 3.0%, whichever is greater"