Kiddar Capital has acquired 575 Herndon Parkway, the landing site for the platform of the new Herndon Silver Line Metro station in Virginia. No financial terms were disclosed. Eagle Bank financed the deal while Colliers International brokered it. The construction of the site is expected to be finished in the first quarter of 2020.
FALLS CHURCH, Va.–(BUSINESS WIRE)–Private equity firm Kiddar Capital, founded by Washington, D.C. investor Todd Hitt, announced today that it has acquired 575 Herndon Parkway, the landing site for the platform of the WMATA Herndon Silver Line station. The 4.8-acre property is improved by a 135,102 square foot office building primarily occupied by Booz Allen Hamilton. The acquisition by Kiddar’s Real Estate Group was financed by Eagle Bank and brokered by Colliers International.
“This site is at the center of a vibrant community with local leaders committed to bringing new jobs and investment to their jurisdiction. Herndon’s leadership and larger community understand that good infrastructure drives development and economic growth,” said Kiddar Capital founder and CEO Todd Hitt. “We look to invest on new infrastructure whenever possible, and are thrilled about this opportunity to steward the ownership of a metro-centric site in the town of Herndon.”
Incorporated in 1879, Herndon includes a downtown Historic District listed on the National Register of Historic Places with shops, restaurants, and plans for a new arts center. Hitt noted that Kiddar Capital is looking forward to contributing to the local economy and community through ownership of the metro site. “We invest with an eye toward doing good things with our capital in the communities where we own and develop real estate and other asset classes,” he said.
The metro landing site at 575 Herndon Parkway is a cornerstone of the planned Transit-Oriented Core, a 38-acre urban-style district which takes advantage of the new Silver Line infrastructure with mixed-use locations, open spaces, and a retail and entertainment core along a wide pedestrian promenade bordering the property at 575 Herndon.
The WMATA Herndon Silver Line station is scheduled to be finished in the first quarter of 2020. Kiddar Capital intends to hold the property for a term of no less than three and no more than ten years before redeveloping the site. The firm also plans to integrate built world technology – a category which includes smart city tech – in the redevelopment, much of it from the companies in the Kiddar Capital Venture Portfolio.
About Kiddar Capital
Kiddar Capital is a global alternative asset management firm based in the Washington, D.C. area with offices in London and Houston. Launched in 2007 by American businessman Todd Hitt, the firm manages $1.25 billion across established and emerging asset classes including real estate, construction, venture, energy, finance, and hospitality. For more information, visit: kiddar.com.