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commercial real estate

Novo Secures Approvals for Apartment Project in Old Town Alexandria

By | Alexandria, Commercial Real Estate, Multi-Unit, News, Real Estate Development, VA | No Comments

Original article by CoStar Research, Craig Donahue, August 3, 2020

Novo Properties has received unanimous approval from the Alexandria City Council and Alexandria Planning Commission to develop a new apartment project along Route 1 in Old Town.

The multifamily investor, developer and manager out of Washington, D.C. said it plans to break ground early next year on The Grayson, a 119-unit apartment complex with street-level retail. The development is named after Sarah Gray, an African American educator in Alexandria during the late 1800s and an inductee into the Library of Virginia’s Virginia Women in History program.
Novo paid $9.25 million last July to acquire a stake in the 1970s-vintage retail complex at 1200 N. Henry St. from Avanti Holdings Group, with the venture teaming up to co-develop the new project. Located just north of the Braddock Road Metro station, the development has been drawn up to incorporate reprogrammed ground floor retail space as well as a daycare that has been redesigned to improve its layout and accessibility. Novo is exploring retail brokerage firms at this time.

“There’s a huge unmet demand for daycare in this submarket and even more now as spacing needs are changing due to COVID-19,” Novo Partner Neil Goradia said in a statement. Novo said the design changes made to the daycare and retail spaces allowed it to capture additional residential density after initially proposing a development with 115 units.

Amazon’s new home in Crystal City is expected to be a huge boon for neighboring Alexandria, where historic Old Town and the transforming Potomac Y
ard area offer potential Amazon employees the best of both worlds: a small town, suburban escape, and a fast-paced, Metro-accessible urban community, according CoStar’s latest report on the submarket. Coupled with the arrival of Virginia Tech’s $1 billion Innovation Campus in Potomac Yard, Novo said it will look to capture demand from the more cost-conscious, suburban-type renters expected to arrive with the rollout of the two campuses.

“The impact from the entry of these large employers is creating a demand for tiered apartment pricing,” Goradia said. “Not every apartment dweller will want to pay up to live in National Landing or Potomac Yards and can live a few Metro stops away for a more affordable rent and we want to capture that demand.”

Construction on the project is expected to be completed in 2022.

City council approves new Avanti Holdings project

By | Alexandria, Commercial Real Estate, Condos, News, Old Town Alexandria, Press, Real Estate Development, VA | No Comments

Original article by Alexandria Times, Margo Wagner, July 16, 2020

City council approves new Avanti Holdings project

The new building will be between 40 and 50 feet tall with 94 units and ground-floor retail. (Courtesy photo)

Alexandria City Council voted to amend the Braddock Road Metro Station Neighborhood Plan and rezone to allow for the construction of a five-story, mixed-use building at its July 7 public hearing.

The site is on the corner of North Henry and Wythe streets, and the building will consist of 94 residential units, including seven affordable housing units. It will also include underground parking and ground-floor retail. Currently, the space is a surface parking lot and a warehouse for Alexandria Lighting Supply. Both planning commission and city staff recommended approval of the project.

The project’s applicant is Avanti Holdings Group, a local developer led by native Alexandrian Teddy Kim. The group owns several commercial properties in Alexandria’s Parker-Gray district and has been involved in several redevelopment projects designed to reinvigorate the area.

At the hearing, several speakers, including six neighbors, signed up for the public testimony period to express their concerns about the project.

Isabelle Zorro, who has lived next to the site since 1994, expressed concern about the noise and the height of the building.

Ronald Carter, another neighbor, said surrounding property owners were not adequately informed about the project. He also expressed concern about building a five-story building in a historic neighborhood.

“I am shocked, disappointed and concerned that no consideration was made to the aesthetics of our historic neighborhood,” Carter said.

The attorney for the applicant, Cathy Puskar, assured city council that her client notified the neighbors within the the required time and has been working with neighborhood groups. She also said that Kim is committed to keeping the community’s interests at heart.

Neighbor Jariel Rendell was supportive of the project but said the building did not include enough affordable housing.

“This is not an appropriate, sufficient affordable housing allocation given the times that we are in with the unprecedented unemployment,” Rendell said.

Councilor Mo Seifeldein agreed that affordable housing is a concern of his but ended up voting to amend the plan and allow the building.

Other concerns posed by the neighbors included traffic, privacy and construction vibrations damaging the foundations of historic houses.

Puskar answered the concerns by stating that the building is consistent with the Braddock Road Metro Station Neighborhood Plan and the building is in compliance with the city’s requirements for affordable housing.

“While I appreciate the neighbors saying they are not opposed to the development, requests to change the height and density of this building would render the project unviable,” Puskar said.

Additionally, Avanti Holdings plans to donate money to the Housing Trust Fund, the Braddock Community Amenities Fund, the Braddock Open Space Fund and the City’s Capital Bike Share Fund to address concerns about community benefit. Puskar also said that adjacent property owners can receive a pre-construction assessment of their home in case there is damage to the home cased by the vibrations from construction.

 After a lively discussion, city council voted unanimously to approve the measure.

“I really appreciate the input that was provided. I think it informed the final product and we really appreciate the thoughtful engagement that happened on this,” Mayor Justin Wilson said.

 

New Multifamily Housing, Retail Coming to 701 N. Henry St.

By | Alexandria, Commercial Real Estate, Multi-Unit, Real Estate Development, VA | No Comments

Original article by Alexandria Living Magazine, June 22, 2020

Nearly 100 new residences could come to Old Town, replacing a vacant building.

701 N Henry St.

Avanti, a development company, is requesting a series of changes in zoning, density and more to demolish the Alexandria Lighting & Supply building and build a 5-story multi-family building with 94 residential units, underground parking and retail space on the ground floor. The project could go before City Council for approval in early July.

Alexandria Lighting & Supply, which has been in business for more than half a century, would move to a new location.

The project would include undergrounding utilities.

At least seven of the units would be affordable housing. The residences could be rentals or condominiums.

The 0.75 acre site is at the corner of Wythe Street and North Henry Street.

More information about the project is available in city documents here.

Alexandria to weigh new development for a Route 1 site that hasn’t changed since 1945

By | Alexandria, Commercial Real Estate, Condos, Multi-Unit, Real Estate Development, VA, Warehouse | No Comments

Original article by Bisnow, Michal Neibauer, August 31, 2018

A big change is coming to a triangular piece of land in Alexandria that hasn’t changed much at all in more than 70 years.

The 0.8-acre site at 1200 N. Henry St., less than a half mile north of the Braddock Road Metro station, was built up with one- and two-story industrial buildings in 1945, according to an Alexandria staff report. The proposal slated for review by the city’s Planning Commission on Tuesday would replace those uses with a 115-unit multifamily building — including 11 affordable units — a 10,000-square-foot day care center, ground-floor retail and 137 underground parking spaces.

The applicant, 1200 N. Henry Street LLC, is an entity of Avanti Holdings Group. Alexandria-based Avanti, led by principals Teddy Kim (he of The People’s Drug and Chop Shop Taco), Keinan Ashkenaziand Greg Salvaggio, has largely tackled smaller warehouse-to-office conversions and retail projects to this point. This will be its largest endeavor to date.

Designed by Davis Carter Scott Ltd., the seven-story building has a triangular footprint and rises to a maximum height of 85 feet along the western edge, where it is closest to the Braddock Gateway campus and a planned extension of North Fayette Street. A 20-foot high retail podium would front Route 1.

The site, where North Henry and North Patrick streets begin, is just south of the Route 1 bridge carrying traffic toward Potomac Yard. It is really the first thing drivers see as they come south toward Old Town. City planners, who recommend approval, say the proposed development offers “high-quality architectural design with a signature gateway element” at its northern entrance, a publicly accessible plaza, underground utilities and a $20,000 contribution to Alexandria’s Capital Bike Share Fund.

Cathy Puskar with Walsh Colucci Lubeley & Walsh PC is the LLC’s land use attorney.

WashREIT Reaches Deal To Sell Braddock Metro Center Office Complex

By | Alexandria, Commercial Real Estate, News, Office, Press, VA | No Comments
WashREIT Reaches Deal To Sell Braddock Metro Center Office Complex Read more at: https://www.bisnow.com/washington-dc/news/office/washreit-reaches-deal-to-sell-braddock-metro-center-office-complex-80868?utm_source=MorningBrief&utm_medium=email&utm_campaign=20171030_washington-dc_morningbrief&be=teddy.kim%40me.com?utm_source=CopyShare&utm_medium=Browser

The Braddock Metro Center Office Complex in Alexandria

Original article by Bisnow Washington, D.C., Jon Banister, October 27, 2017

After signing a General Services Administration lease at its Braddock Metro Center office complex in July, WashREIT is cashing out.

WashREIT signed a letter of intent this month to sell the 356K SF office complex, CEO Paul McDermott announced on the company’s Q3 earnings call Friday morning. He did not disclose the buyer or price, but said it expects the deal to close during the fourth quarter.

McDermott said the sale continues WashREIT’s strategy of selling out of the suburban office market and focusing on quality buildings in D.C.’s urban core. The CEO said the capital earned from the sale of Braddock Metro Center will go toward its recent $135M acquisition of Watergate 600. It plans to launch extensive renovations on the property, a 309K SF piece of the famed six-building Watergate mixed-use complex.

WashREIT acquired the four-building Braddock Metro Center complex in 2011 for $101M. It faced a large vacancy this year with one of its anchor tenants, Engility, leaving 134K SF when its lease expired in September to consolidate into other locations. The landlord got a win in July when it landed a new federal government tenant, the U.S. Department of Agriculture’s Food and Nutrition Service, for 131K SF.

The deal also fits with the REIT’s strategy of limiting its exposure to large government leases and instead filling its buildings with small to midsize private sector tenants, McDermott said.

The property at 1310-1340 Braddock Place sits just steps from the Braddock Metro station, an area with loads of new development in its pipeline. Jaguar Development got approval in July for a 258-unit mixed-use building, the second phase of its Braddock Gateway development. Jaguar sold the parcel for the project’s first phase in 2011 to Trammell Crow, which built a 15-story, 270-unit residential building that is expected to deliver this year.

The project’s third phase would add a 317K SF mixed-use building with 250 to 300 units and 8K SF of retail. Avanti Holdings Group is planning a 100K SF development, likely multifamily or hospitality, on a a nearby site.

Also on Friday’s earnings call, McDermott announced the sale of the 212-unit Walker House Apartments in Gaithersburg for $32.2M. He said that capital would also be reallocated to 600 Watergate.

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Read full article at: https://www.bisnow.com/washington-dc/news/office/washreit-reaches-deal-to-sell-braddock-metro-center-office-complex-80868?utm_source=MorningBrief&utm_medium=email&utm_campaign=20171030_washington-dc_morningbrief&be=teddy.kim%40me.com

Rock Creek Property Group eyes major redevelopment prospect in Huntington

By | Alexandria, Commercial Real Estate, Multi-Unit, News, Office, Press, Real Estate Development, VA | No Comments
5904-richmond-main-picture

Rock Creek Property Group has teamed up with Avanti Holdings Group LLC to acquire 5904 Richmond Highway.
COURTESY KLNB

Original article by Washington Business Journal, Daniel Sernovitz, October 2, 2017

Rock Creek Property Group is eyeing a potentially major redevelopment along Richmond Highway in Fairfax County’s Huntington submarket, near Washington Real Estate Investment Trust’s planned Riverside Apartments expansion.

Rock Creek partnered with Avanti Holdings Group LLC last month to acquire 5904 Richmond Highway for $8.3 million from an affiliate of retired property owner Bill Fetch. The acquisition includes a 78,000-square-foot office building that is about 65 percent leased and recently underwent a $1 million renovation. KLNB Principal Joshua Simon, who represented the buyers in the deal, said Rock Creek and Avanti will focus in the near term on boosting the building’s occupancy but, on a second track, will explore pursuing a larger redevelopment of more than 1 million square feet.

The property is one of several nodes along Richmond Highway that Fairfax County has identified in a comprehensive plan for higher density development, Simon said. Rock Creek and Avanti would only be able to unlock that potential, he noted, by teaming up with the owner of the adjacent Ourisman Chrysler Jeep Dodge of Alexandria at 5900 Richmond Highway.

“You can’t do anything with it by itself, so this comprehensive plan essentially says our site, linked up with Ourisman, would unlock this very, very great amount of development potential,” Simon said, adding the two parties have had informal talks but have not yet reached the point of formal negotiations. “They bought it with the intent of leasing up the remaining vacancy, as a straight office play, but there definitely is an open eye to whatever is possible there.”

Fetch retained Gates Hudson & Associates to market the site, which started out at a higher asking price of around $13 million but came down to its ultimate sale price of around $106 per square foot.

Rock Creek and Avanti have also retained KLNB to handle leasing for the property, and Simon said he believes the office building is positioned in the near term to benefit from factors including WashREIT’s plans to add 550 units to the 1,222-unit Riverside complex.

Simon said he already had discussions with a handful of prospective tenants weighing relocations from nearby Old Town Alexandria, where the office rental rate hovers at about $10 per square foot higher than the roughly $23-$24-per-square-foot range KLNB is shooing for at 5904 Richmond Highway.

 

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Read full article at: https://www.bizjournals.com/washington/news/2017/10/02/rock-creek-property-group-eyes-major-redevelopment.html?ana=e_wash_brk

 

Fairfax County office building sells for $8.3 million

By | Alexandria, Commercial Real Estate, Multi-Unit, News, Office, Press, Real Estate Development, VA | No Comments

Original article by VirginiaBusiness.com, September 28, 2017

KLNB, a Maryland-based real estate brokerage firm, has announced the sale of 5904 Richmond Highway, a 78,000-square-foot office building in Fairfax County, for $8.3 million.

Joshua Simon,  principal at KLNB, represented the buyer — a joint venture of Rock Creek Property Group and Avanti Holdings Group, LLC — and has also been retained to handle leasing of the building. The property sold on Sept. 8 for nearly $106 per square foot.

The structure is a newly renovated office building in Fairfax’s Huntington submarket with suites ranging from 1,800 to 15,780 square feet. The building has access to Route 1, Old Town Alexandria and National Harbor. It’s within walking distance to the Huntington Metro Station and Mount Vernon Trail.

In a statement, Simon described the Huntington area as “an untapped submarket with great potential and high expected future density.
As companies continue to look for lower lease rates compared to Old Town Alexandria, they will immediately see value in Huntington thanks to its prime location and anticipated growth.”

5904 Richmond Highway is currently 65 percent leased, with a remaining five office suites available.

KLNB’s offices are located in Towson and Columbia, Md.; Washington, D.C.; and Dulles and Tysons, Va.

 

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Read full article at: http://www.virginiabusiness.com/regions/article/331557?utm_source=email&utm_medium=email&utm_campaign=CREIntel

 

Office building in Huntington sells for $8.3 million

By | Alexandria, Commercial Real Estate, Multi-Unit, News, Office, Press, Uncategorized, VA | No Comments
5904-richmond-main-picture

5904 Richmond Highway

Original article by coveringthecorridor, October 29, 2017

The high-rise office building located at 5904 Richmond Highway was sold in early September for $8.3 million, according to a press release from KLNB, the real estate firm that brokered the deal.

The 78,000 square-foot building is now owned by Rock Creek Property Group and Avanti Holdings Group, LLC.

The press release noted that the property had recently been renovated and was acquired for a “favorable price.” Fairfax County property records show the assessed value for 5904 Richmond Highway in 2016 was $13 million.

“We are incredibly in tune with the Huntington market and it’s clear that it is an untapped submarket with great potential and high expected future density,” KLNB’s Joshua Simon, who represented the buyer, said in the release. “As companies continue to look for lower lease rates compared to Old Town Alexandria, they will immediately see value in Huntington thanks to its prime location and anticipated growth.”

Some of that anticipated growth includes a plan to greatly expand the adjacent Riverside Apartments complex. That proposal, which is scheduled to before the Fairfax County Planning Commission next week, calls for five new buildings with nearly 800 units to be added to the Riverside complex, which already contains more than 1,200 units in three buildings.

5904 Richmond Highway actually sits far off of Route 1, behind the Great American Steak & Buffet and Ourisman car dealership. Office space in the building ranges between 1,800 to 15,780 square feet, and the building is currently 65 percent leased, the KLNB release said. Among the businesses currently located there are Curb (formerly known as Taxi Magic).

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Read full article at: http://coveringthecorridor.com/2017/09/5904-richmond-highway-sold/

Investing in the future, OPEI purchases new headquarters building

By | Alexandria, Commercial Real Estate, News, Office, Press, Uncategorized, VA | No Comments

ALEXANDRIA, Va.Aug. 21, 2017 /PRNewswire/ — The Outdoor Power Equipment Institute (OPEI) announces the association has purchased a new headquarters building, and will move its offices to 1605 King Street, Alexandria, Va., in the spring of 2018.

Avanti Holding Group principal Teddy Kim and OPEI President and CEO Kris Kiser close Aug. 15.

OPEI President and CEO Kris Kiser said the trade association outgrew its current space. The new building will be better equipped for the association’s needs. “OPEI has been dealing with a problem for a couple years now,” Kiser said. “And it’s a great problem to have: We’ve increased our membership and increased our member engagement to a point that we’ve outgrown our current location and meeting space.”

The new OPEI headquarters will include a state-of-the-art conference center that can seat 50 people for in-person and virtual meetings. This new space will enable OPEI members around the country and overseas to participate more fully in association business and activities.

“As a trade group with members in EuropeJapanChina and across the United States, we have global meetings, and we wanted to be able to host them in person and virtually. Now, we’ll be better suited to host ISO, IEC and other international gatherings,” said Kiser. “Alexandria has been our home for 30 years. When we looked to make this decision, we considered other locales, and our board of directors chose to reinvest in Alexandriadue to its proximity to Washington, D.C., airports, hotels, as well as its historic character and lifestyle.”

OPEI’s new King Street location is on the historic main thoroughfare in the bustling heart of Old Town Alexandria, and is within walking distance to several hotels. It is one block from the King Street Metro station, the second subway stop from Washington National Airport. It will also have private offices reserved for members when they visit the D.C. area.

OPEI closed on its new location on Aug. 15, and the move represents a multi-million-dollar investment. OPEI has retained OTJ Architects of Washington, D.C., for the project.

“In 1987, OPEI’s board was prescient and chose to relocate from Washington, D.C., to Alexandria and built its current building. The current building met our needs for three decades and appreciated considerably. Our new building prepares us for future growth and engagement,” said Kiser.

About OPEI
The Outdoor Power Equipment Institute (OPEI) is an international trade association representing more than 100 power equipment, engine and utility vehicle manufacturers and suppliers. OPEI is the advocacy voice of the industry, and a recognized Standards Development Organization for the American National Standards Institute (ANSI) and active internationally through the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) in the development of safety and performance standards. OPEI is managing partner of GIE+EXPO, the industry’s annual international trade show, and the creative force behind the environmental education program, TurfMutt.com. OPEI-Canada represents members on a host of issues, including recycling, emissions and other regulatory developments across the Canadian provinces. For more information, visit www.OPEI.org.

Media contacts/Image Requests
– Ami Neiberger-Miller, Four Leaf PR on behalf of OPEI, 703-887-4877, rel=”nofollow”>ami@fourleafpr.com
– Suzanne Henry, Four Leaf PR on behalf of OPEI, 434-972-7278, rel=”nofollow”>suzanne@fourleafpr.com

Original article by PRESS RELEASE PR NewswireAug. 21, 2017

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Read full article at: http://markets.businessinsider.com/news/stocks/Investing-in-the-future-OPEI-purchases-new-headquarters-building-1002272345

Jaguar Development Gets Approval For Braddock Gateway Phase 2

By | Alexandria, Commercial Real Estate, Multi-Unit, News, Press, Real Estate Development, VA, Warehouse | No Comments

Original article by Bisnow, Jon Bannister, June 7, 2017

The robust development pipeline at Alexandria’s Braddock Road Metro got a push forward Tuesday evening.  Alexandria’s Planning Commission voted to approved Phase 2 of Braddock Gateway, a 258-unit mixed-use building. Jaguar Development’s project will also include 8K SF of retail and a 28K SF park. Jaguar Development managing partner Eddy Cetina called the Phase 2 approval a big step. She said she expects to break ground in about 12 months after completing the construction documents and securing the building permits.  After getting Phase 1 of the development entitled, Jaguar sold the parcel to Trammell Crow in 2011 for $14M. The developer brought on WashREIT as a partner and broke ground on the 15-story, 270-unit residential building in December 2015 with a delivery expected this year. The planned third phase would add a 317K SF mixed-use building with 250 to 300 units and 8K SF of retail, completing the seven-acre site. Next to Jaguar’s project, Avanti Holdings Group is planning a 100K SF development, likely multifamily or hospitality, on the site of an industrial property it bought last year. UPDATE, JUNE 8, 11:00 A.M.: While it originally partnered with WashREIT in the acquisition of Braddock Gateway Phase 1, Trammell Crow informed Bisnow that it has since replaced them with Meadow Partners in the deal.

Read more at: https://www.bisnow.com/washington-dc/news/mixed-use/alexandrias-braddock-gateway-phase-2-moves-forward-75292?be=jsimon%40klnb.com&utm_source=Newsletter&utm_medium=email&utm_campaign=thu-08-jun-2017-000000-0500_dc-re?utm_source=CopyShare&utm_medium=Browser