Thursday, April 21, 2011

Riverside on the James Purchased by Herndon-based American Real Estate Partners

On April 14, 2011 American Real Estate Partners (, a Herndon, VA-based, fully-integrated private real estate investment company announced its most recent acquisition, the firm's first purchase into the Richmond, Virginia market. In addition to the $63.7 million acquisition of Riverside on the James, the company also announced the firm's first acquisition in the New York metro area.

"These new acquisitions are the very best assets in their respective submarkets and will exceed our return objectives," said Douglas Fleit, Chief Executive Officer. "We are seeking many more of these types of opportunities and expect to be extremely active in acquiring quality office projects the next few years."

American Real Estate Partners concentrates on commercial real estate assets and real estate financial instruments in markets along the Eastern Seaboard, including Washington, DC; Virginia; suburban Maryland; Raleigh-Durham; Philadelphia; New Jersey; and New York. The firm's current holdings total approximately 4.2 million square-feet of Class A office and flex assets.