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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.

 

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.

Robust Braddock road metro development pipeline keeps growing

By | Alexandria, News, Office, Press, Real Estate Development, Warehouse | No Comments

The Braddock Road Metro area in Alexandria has a significant amount of development in its pipeline, and, after buying an industrial property last week, Avanti Holdings Group plans to add to it.

The Alexandria-based developer bought the 19k SF building at 1200 North Henry St, below, for $3.85M from William Dwyer Properties, with NAI KLNB brokering the deal.  In the short term, Avanti will maintain the building’s eight existing leases, mainly light-industrial uses, and look to fill some of the vacant space, but the company has development plans in mind.  Avanti principal Teddy Kim tells Bisnow the company hopes to tear down the warehouse and build a roughly 100k SF development. The specific type of project is not yet certain, but Teddy says they are focusing primarily on multifamily, hospitality and senior living options.

  Courtesy: KLNB

“The office market is somewhat depressed, I don’t know that it’s a great office site anyway,” Teddy, pictured above on the right with Game Beverage Group EVP Bruce Caughman and Greenhouse Bistro’s Saba Givpour, says. “We feel like it’s going to be one of those three food groups, but we’re open to anything…At the end of the day more density is going to be the answer.” Teddy says they would also be open to ground-leasing the site to a retailer who wanted to build a store, but he is mainly focusing on development options to add more density. He says Avanti is seeking development partners with experience in Alexandria who could help them get through the approval process and build one of these asset types. The site is zoned for industrial, but under the Braddock Metro Neighborhood Plan the density could be increased to 2.5 to 3 FAR, which Teddy estimates would be roughly 90k to 105k SF.

City of Alexandria Avanti’s site, with the arrow pointing to it, sits adjacent to the site of Jaguar Development’s Braddock Gateway mixed-use project, which is approved for more than 800 residential units. Jaguar sold the first building parcel to Trammell Crow in 2011 for $14M. After bringing in WashREIT as JV partner, Trammell Crow broke ground on the 15-story, 270-unit residential building (top left) last December and plans to deliver it next year.  “That’s why the hotel could be a potentially good option,” Teddy says. “Because you’ve got so many new units coming online and the location is so central. North Old Town is beginning to develop an identity…It’s a great location for anything, but a hotel in particular could add to that fabric.”  NAI KLNB’s Josh Simon, who worked with Avanti on the sale and is continuing to help Teddy with the development plans, says they are hoping to get through the approval process by late 2017 or early 2018. He says they have spoken with architects and, given the site’s characteristics, believes Avanti could build a seven-story building with roughly 20k SF floor plates, which he says would yield around 100 to 150 multifamily units or 200 hotel rooms.  If Avanti decides to go with hotel or senior living, Teddy expects to break ground as soon as possible. If Avanti brings in a multifamily partner, though, Josh says they will wait and watch the market—and Jaguar’s development—to determine when the best time to break ground would be.  Jaguar Development Jaguar controls the remaining four buildings of the Braddock Gateway project. The City Council in April approved Phases 2 and 3 (rendered above), which will amount to 541 residential units and 17k SF of retail, plus a two-thirds-acre park.  Jaguar managing partner Eddy Cettina says the company still has to go through the special use permitting process and doesn’t have a scheduled groundbreaking date yet. She says she has not talked with Avanti about its plans, but remains confident the neighborhood can support the amount of multifamily Jaguar is planning.  “I feel extremely good about the area, otherwise I wouldn’t be building on it,” Eddy tells Bisnow. “We’re 1,000 feet from a Metro and everything else that has been built in our immediate area is leasing very well.” The Braddock Road Metro area will be among the topics discussed by the area’s top developers at Bisnow’s State of Arlington County and Alexandria event on December 7.

Originally published: Bisnow.com  |  November 7, 2016  |  by: Jon Banister, DC

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https://www.bisnow.com/washington-dc/news/construction-development/avanti-buys-alexandria-warehouse-next-to-braddock-gateway-project-plans-redevelopment-67322

NAI KLNB Closes Sale of $4M Warehouse in Alexandria

By | Alexandria, Commercial Real Estate, News, Press, Real Estate Development, VA, Warehouse | No Comments
At the time of the sale, the building was 76 percent leased and occupied by five tenants.

1200 N. Henry St., Alexandria, Va.

1200 N. Henry St., Alexandria, Va.

Alexandria, Va.NAI KLNB has recently closed the sale of a 19,000-square-foot Alexandria warehouse for $3.9 million. The company’s Principal Josh Simon represented the buyer, Avanti Holdings Group, while Christopher Campagna of Braddock Commercial Real Estate represented the seller, William Dwyer Properties. At the time of the sale, the asset was 76 percent leased and occupied by five tenants, the majority of which are retailers.

Located at 1200 N. Henry St., the property is situated on 35,000 square feet of land. The building features fourteen-foot ceiling heights and dock height loading, with visibility on Route 1 leading into Old Town Alexandria. In addition, the warehouse is located in close proximity to the Braddock Road. Metro Station, two miles away from Ronald Reagan Washington National Airport and less than ten miles from downtown Washington.

“We saw a major opportunity to acquire an industrial/flex asset that is virtually nonexistent in Alexandria,” said Avanti Holdings Group Principal, Teddy Kim, in prepared remarks, “As we researched further, we realized the future value points toward a redevelopment strategy, and we are currently exploring options. At this time, we are highly focused on leasing the remaining vacancy for the near term to stabilize the asset.”

Image courtesy of NAI KLNB

 

Originally published: Commercial Property Executive  |  November 4, 2016  |  by: Ioana Moldovan

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https://www.cpexecutive.com/post/nai-klbn-closes-sale-of-4m-warehouse-in-alexandria/

NAI KLNB Brokers Sale of 19,000 SF Warehouse Building in Alexandria, VA for $3.85M

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

Avanti Holdings Group acquires building which is 76% leased with five tenants

NAI KLNB has brokered the sale of a 19,000 square foot warehouse building in Alexandria, Virginia for $3.85 million. Josh Simon, principal with NAI KLNB represented the buyer, Avanti Holdings Group, in this transaction. Theseller, William Dwyer Properties, was represented by Christopher Campagna of Braddock Commercial Real Estate. The building, which is contained on 35,000 square feet of land, was 76% leased and occupied by five tenants at the time of the sale.

Located at 1200 N. Henry Street, the building features fourteen foot ceiling heights, and dock height loading, with visibility on Route 1 leading into Old Town Alexandria. The majority of the tenancy are retailers. The asset is situated approximately one-half mile from the Braddock Rd. Metro Station, two miles from Ronald Reagan Washington National Airport and less than ten miles from downtown Washington, D.C.

“We saw a major opportunity to acquire an industrial/flex asset that is virtually nonexistent in Alexandria,” explained Teddy Kim, Principal of Avanti Holdings Group. “As we researched further, we realized the future value points toward a redevelopment strategy, and we are currently exploring options. At this time, we are highly focused on leasing the remaining vacancy for the near term to stabilize the asset.”

Avanti Holdings Group, headquartered in Alexandria, recently sold 410-420 Calvert Avenue and is preparing to acquire several additional sites in the Old Town, Alexandria area later this year. In addition to Kim, Avanti Holdings Group was founded and is owned by Keinan Ashkenazi and Greg Salvaggio.

“We are working closely with Avanti Holdings Group to explore next phase strategies for 1200 N. Henry Street,” explained Josh Simon of NAI KLNB. “This transaction required nearly one year to execute and Avanti intends to leverage this acquisition into a project that makes a substantial impact in the marketplace. We are closely monitoring the Jaguar parcel directly adjacent to the site in an effort to expand, and increase the value of the overall development. With the proximity to Metro and visibility on Route 1, we are optimistic about the possibility of arranging an attractive development partner.”

Founded in 1968, KLNB, LLC is comprised of two real estate services companies that includes NAI KLNB, a division that focuses on the sale and leasing of commercial office, industrial and warehouse properties, as well as KLNB Retail, which specializes in the sale and leasing of retail properties as well as tenant representation. KLNB is a joint venture in Paragon Commercial Property Management, a full-service provider of commercial real estate property and asset management services. In addition, the company formed a joint venture partnership with ColumbiaNational Real Estate Finance, LLC to create Arris Realty Capital, an entity that provides real estate financing options.

KLNB, LLC provides a full range of integrated brokerage, sales, financial, investment and strategic advisory services to the commercial office, industrial and retail marketplace. Headquartered in Towson, MD, the other four full-service offices are located in Columbia, MD; Washington, D.C., as well as Tysons Corner and Dulles, Virginia. For additional information visit www.klnb.com.

Originally published: citybizlist  |  November 3, 2016  |  by: citybizlist

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http://dc.citybizlist.com/article/385239/nai-klnb-brokers-sale-of-19000-sf-warehouse-building-in-alexandria-va-for-385m#sthash.7trrtlyS.dpuf

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

By | Alexandria, Commercial Real Estate, News, Press, Real Estate Development, Warehouse | No Comments

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

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

Alexandria Warehouse Sells for More Than $6 Million

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

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

http://naiklnb.com/alexandria-warehouse-sells-for-more-than-6-million/

Alexandria Warehouse Sells for More Than $6 Million

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

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.”

Originally published: Patch.com  |  August 24, 2016  |  by: 

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http://patch.com/virginia/delray/alexandria-warehouse-sells-more-6-million