Tepe joins property investment spree in the US
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.