3 Alexandria Properties Change Hands As Brokers Change Firms
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CORRECTION, AUG. 14, 12:55 P.M. ET: A previous version of this story incorrectly identified the brokerage firm that closed the three transactions after Lee & Associates sent a press release claiming credit for the deals. KLNB was the broker of record. The story has been updated.
A pair of brokers that recently switched firms have closed three deals totaling $38M in Alexandria.
Josh Simon and Pierce Kreutzer, who joined Lee & Associates from KLNB last month, represented the sellers in three separate Alexandria transactions that closed within 10 days. KLNB was the broker of record on the sales, which include residential, retail and industrial buildings, plus a development site.
The largest deal was the $22.3M sale of a mixed-use, multi-property portfolio at 2401-2525 Mount Vernon Ave. The brokerage team represented Mount Vernon Properties of Delaware LLC in the deal to sell the properties to Bonaventure Realty Group.
The properties include retail, residential and a building leased to Alexandria's Department of Community and Human Services. The buyer expects the government agency to vacate the 2525 Mount Vernon Ave. building in 2022 and is exploring the best use for the property after it leaves.
The second deal was the sale of a development site at 1200 North Henry St. Simon and Kreutzer represented Avanti Holdings Group in the $9.2M sale to NOVO Properties, which plans to develop a 115-unit multifamily building on the site.
In the third deal, the brokers represented Delman Family LLC in the $6.3M sale of 701 North Henry St., an industrial property with a retail showroom, to Avanti. Alexandria Lighting & Supply leases the building, and the new owner is considering a development strategy for the site, which includes a large surface parking lot and is less than a half-mile from the Braddock Road Metro station.
Simon said there was strong investor interest for each of the properties because of Alexandria's proximity to Amazon HQ2.
"Amazon's decision to establish its new East Coast headquarters to the region has further accelerated interest among developers and investment groups on a national basis and subsequently elevated the current value of properties in all asset classes," Simon said in a release. "We continue to work with our clients to evaluate emerging buying and selling opportunities, and strategize how to best take advantage of a rapidly-changing real estate environment."