ALEXANDRIA, VA-A nine asset office and retail portfolio has traded in Old Town for $23 million and at a six-and-a-quarter to six-and-a-half cap rate. The buyer is a local buy-and-hold investor, Transwestern’s Stephen Beggs tells GlobeSt.com. “He is someone dedicated to working with Alexandria businesses and is also interested in other opportunities,” Beggs says.
Along with colleague Caulley Deringer, Beggs represented the buyer, Route 66 Ventures. Paul Hanafin of West, Lane & Schlager represented the seller, Grosvenor.
The half-office, half-retail portfolio totals 50,000-square feet. Ninety-seven percent occupied, it stretches along the 100 block of King and South Union streets. The vacancy is in one of the office buildings, Beggs says and the new owner anticipates occupying at least some of the space. Pricing was a little difficult to pin down, he says, due to its unusual characteristics--one of the building’s dates back to the 1760s--but ultimately it was based on the portfolio’s cap rate.
The properties are located at 6 King St., 114-116 King St., 118-124 King St., 128 King St., 132 King St., 104 S. Union St., 102 S. Union St., 101 1/2 -103 S. Union St., and 1 Wales Alley. Each building consists of first floor retail topped by office space. Some of the retail tenants include Starbucks, Mai Thai, Ben and Jerry's and Pizzeria Paradiso.
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