Brian Ball, executive director in the DC office of GVA Advantis and Don Crigger, senior director, in GVA Advantis' Norfolk office represented the seller. Manny Fitzgerald, senior vice president at CB Richard Ellis, represented the Academy.
The Academy purchased the building to occupy it as its headquarters. It is expected to move from its current headquarters in Old Town Alexandria to its new building, located at 1650 Diagonal Rd., in July. While commercial trades have slowed, Fitzgerald reports that the user sale market is still very strong.
"There is a limited supply of smaller office buildings in the 10,000-sf to 50,000-sf range that nonprofits can acquire and occupy," he says. "In most instances, sellers can obtain higher sales prices for vacant buildings from organizations who will occupy their building than from investors looking for a rate of return on their investment," says Fitzgerald, who heads up the firm's Nonprofit Practice Group.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
