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ALEXANDRIA, VA-A small office/retail building in Old Town has traded for $7.9 million, or $250 per sf. The sellers are 901 King St. Associates, a Pennsylvania general partnership. A local partnership has acquired the 31,870-sf property, called Firehouse Square. GVA Advantis’ Brian Ball, executive director, George Labarraque, executive director and Brian Ball Jr., associate represented the buyer.

The property traded at a 6.5% cap rate, Tonya Ginter, director of research and marketing tells GlobeSt.com. “$7.9 million, or $250 per sf, is a good price for that building.” She says that “since it is smaller, it is difficult to compare to another asset.”

Located at 902-910 King St, the building is blocks from the King Street Metro station and the Potomac waterfront. The historic, class B, four-story building was renovated in 1989 and 100% leased to 10 separate tenants with no rollover through 2011.

Recent trades in Old Town include the sale of Braddock Place, a four-building, class A, 348,218-sf office complex for $106.5 million. ING Clarion sold the property to MGP Real Estate LLC. Located directly across from the Braddock Road Metro Station, Braddock Place is 96% leased to investment grade tenants including government services groups, associations and the federal government.

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