NAI KLNB brokers sales of 35,000 square foot warehouse building in Alexandria to Saxa Realty Group, LLC.
ALEXANDRIA, VA — NAI KLNB has brokered the sale of a two-story 35,000 square foot warehouse building on Calvert Avenue in Alexandria for $6.075 million.
Josh Simon, principal with NAI KLNB, represented the seller, Avanti Real Estate Group. The buyer, Saxa Realty Group, LLC was self-represented. The building was 100 percent leased and occupied by four tenants at the time of the sale.
Located at 410-420 Calvert Avenue (see map below), the building features 16.5-foot ceiling heights, four roll-up doors and two internal loading docks. The building is situated on Jefferson Davis Highway in the Potomac Yard area, and is approximately two miles from Ronald Reagan Washington National Airport and less than 10 miles from downtown Washington, D.C.
“When we acquired this asset approximately three years ago, our strategy consisted of a long-term hold in order to execute a development plan within the next seven to 10 years,” explained Teddy Kim, principal of Avanti Real Estate Group, in a news release announcing the deal. “These plans changed when we were presented with an offer representing a sub 6 percent capitalization rate, in an off-market scenario, and we made the decision to dispose the property.”
Avanti Real Estate Group, headquartered in Alexandria, is preparing to acquire two sites in the Old Town area, with additional projects expected to be added into the development pipeline this year. In addition to Kim, Avanti Real Estate Group was founded and is owned by Keinan Ashkenazi and Greg Salvaggio.
“We continue to seek viable opportunities, particularly those positioned within the Capital Beltway region and close to our home base in Alexandria, that match our specificm acquisition criteria,” Kim added. “Our group is extremely well-capitalized and, together with the guidance of NAI KLNB, we intend to remain aggressive in our search for suitable properties.”
“Saxa Realty Group was actively seeking a value-add opportunity to initiate a real estate program within the Washington, D.C. marketplace,” explained Josh Simon of NAI KLNB. “They were attracted, in part, by the neighboring development that is set to occur at the Oakville Industrial Park. Based on the existing tenancy of the building and the future development potential, this represented an excellent acquisition for the company.”
By Mary Ann Barton (Patch Staff) – August 24, 2016 10:36 am ET