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Akridge Sells Old Town Alexandria Office Building

The office building at 1199 North Fairfax St. in Old Town Alexandria.

An Akridge partnership has sold an office building along the Old Town Alexandria waterfront it acquired six years ago.

The joint venture of Akridge and Stockbridge Capital sold the building at 1199 North Fairfax St. in a deal that closed July 30 for $29.4M, property records show. 

NorthMarq announced Monday it arranged $19.5M in acquisition financing for the buyer, which a spokesperson said was San Diego-based Whitaker Investment Corp. 

The acquisition loan, structured with a 10-year term and a 30-year amortization, was provided by a life insurance company, NorthMarq said. NorthMarq's Steve Hollister, Steve Swanicke and Gary McGlynn arranged the loan. 

The $29.4M sale comes after Akridge and Stockbridge acquired the property in 2014 for $24.6M, property records show.

The 10-story, 108K SF office building was built in 1982, and Akridge said in 2014 it planned to invest in aesthetic and operational improvements. The office building is 87% leased, according to NorthMarq. Its tenants include Global Impact, Sikich LLP and Ironistic.

The property, at the corner of North Fairfax Street and Third Street, sits next to the Mount Vernon Trail and a park along the Potomac River. One block from the building, Carr Cos. this summer broke ground on a 73-unit condo project on the site of the former Metrostage theater, which it is relocating to a nearby building.