Saxa Realty buys industrial project from Avanti in $6m deal

The Saxa Realty Group has acquired a two-story 35,000 square foot warehouse building in Alexandria, Virginia for $6.075 million. Located at 410-420 Calvert Avenue, the building features 16.5 foot ceiling heights, four roll-up doors and two internal loading docks. The property rests in the Potomac Yard area, and is approximately two miles from Ronald Reagan Washington National Airport. At the time of the sale the building was 100 percent leased and occupied by four tenants. Josh Simon, principal with NAI KLNB represented the seller, Avanti Real Estate Group.

“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 ten years,” explained Teddy Kim, Principal of Avanti Real Estate Group. “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 of the property.”

 

Originally published: CIJ USA  |  August 25, 2016  |  by: CIJ USA

GO TO FULL ARTICLE

http://cijusa.com/en/encompassme-usa/20486/story/saxa-realty-buys-industrial-project-from-avanti-in-6m-deal