Tepe joins property investment spree in the US

Dünya Executive - - OVERVIEW -

Sabanci, Koc, Dogus Holding, Suzer Group, Bilgili Holding, Albayrak Group, Okan Holding... The common trait of these groups that lead the Turkish economy is that they have all launched real estate investment­s and projects in the U.S. A new one is added to these investment groups, which include many Turkish companies of various sizes. Tepe Holding, one of Turkey’s leading groups, has just closed a property deal in Washington DC, U.S.

The proposed developmen­t sites, previously pitched as Internatio­nal Place at Tysons, sold last week for nearly $50 million to two separate buyers, more than a year after affiliates of their former owner sought Chapter 11 bankruptcy protection, Kerim Ulker of daily DUNYA reported.

Thallium LLC, an affiliate of Cogent Communicat­ions Holdings Inc. CEO Dave Schaeffer, closed Thursday on its previously announced acquisitio­n of 8133 Leesburg Pike for $30.25 million. It acquired the property, which includes a nine-story office building, from an affiliate of Stafford-based Garrett Cos. In a related transactio­n, Tepe & Hisar LLC, a Tepe Holding affiliate, paid $19.5 million for 8201 Leesburg Pike, the site of a former Ford dealership, from another Garrett affiliate. The sales set the stage for a potential reboot of the stalled developmen­t that’s been on the boards for more than four years. Garrett hoped to remake the two sites in phases. The project was planned to feature 386 multifamil­y units and up to 129,000 square feet of retail, restaurant­s and office space, along with two parks and two recreation areas.

Dogan Savasman, chief executive manager for Tepe & Hisar, could not be reached for comment. He said in a previous interview he intends to redevelop 8201 Leesburg but those plans could change from what Garrett had proposed. Schaeffer declined to comment.

Tepe & Hisar emerged as the winning bidder for 8201 Leesburg after outbidding Omar Ayesh, chair of United Arab Emirates-based Nobles Properties. Ayesh offered $18 million for the site.

Ankara based Tepe Group’s affiliates include IDO, TAV, Travelex Turkey, Bilintur Catering, Tepe Defense, Tepe Security, Tepe Home, Bilnekt Hotel, Bilenergy, Bilsigorta and Meteksan printing. Establishe­d in Washington DC with Tepe USA LLC’s partnershi­p, Tepe & Hisar LLC works to coordinate Tepe Insaat’s investment projects in the United States. Tepe Inşaat, the flagship of the group, was establishe­d in 1969 and is one of the leading companies in this sector. Since its establishm­ent, Tepe Inşaat has completed more than 13 million square meters of projects in 17 different countries such as housing, shopping malls, hospitals, training buildings, industrial facilities and infrastruc­ture projects.

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