Lee & Associates D.C./Nova Office Principals Complete Three Transactions Totaling $38M In 10 Days


Property sales in Alexandria, Virginia comprising 2401-2525 Mount Vernon Avenue; 701 N. Henry Street and 1201 N. Henry Street accentuate strength of market near Amazon’s HQ2

Mount Vernon Avenue buildings

Principals with the Lee & Associates new Washington, D.C./Northern Virginia regional office recently completed three sales transactions in the Alexandria, Virginia area comprising nearly $38 million in the span of 10 days. Josh Simon, SIOR, President of the office and Pierce Kreutzer, Principal brokered the sale of 2401-2525 Mount Vernon Avenue; 701 N. Henry Street and 1201 N. Henry Street to three separate buyers. Simon and Kreutzer have been among the most active sales teams operating in the National Landing area of Northern Virginia

“Long-term fundamentals existing within the Alexandria, Virginia marketplace led by an extremely diverse industry base, prolific and steadily-growing consumer demographics, a highly-skilled labor market and immediate proximity to our Nation’s Capital has propelled this region to among the most sought-after location in the country,” stated Josh Simon. “Amazon’s decision to establish its new East Coast headquarters to the region has further accelerated interest among developers and investment groups on a national basis and subsequently elevated the current value of properties in all asset classes. We continue to work with our clients to evaluate emerging buying and selling opportunities, and strategize how best to take advantage of a rapidly-changing real estate environment.”

Transaction summaries

  • Lee & Associates brokered the sale of 2401-2525 Mount Vernon Avenue, a multi-tenant retail and residential asset which includes a two-level, 144-space parking structure, to Bonaventure Realty Group for $22.25 million on behalf of Mount Vernon Properties of Delaware LLC. The properties are bordered by E. Oxford Avenue and Stewart Avenue and face “The Avenue,” which is considered the primary thoroughfare in Del Ray Alexandria. Bonaventure Realty Group intends to maintain the mixed-use retail/residential asset in its present form and work to determine the best and highest use for 2525 Mount Vernon Avenue when the existing tenant, The City of Alexandria, likely vacates in 2022. “The seller was not highly motivated to dispose the properties, especially once Amazon revealed its intentions for the area, but Bonaventure was flexible, creative, and thought outside the box to accomplish their goal of acquiring the real estate.” explained Josh Simon of Lee & Associates.
  • Lee & Associates represented Avanti Holdings Group in the joint venture sale of 1200 N. Henry Street for $9.2 million to NOVO Properties and the two companies plan to co-develop the project into a Class “A” multifamily apartment community featuring 115 units, with Avanti maintaining an ownership interest. Lee & Associates represented Avanti in its acquisition of the parcel in 2015, with the developer successfully securing entitlement for the residential portion of the project, which will be constructed above 30,000 square feet of commercial office space. Pre-construction activities for the transit-oriented development, which will also feature below-grade parking and is within walking distance to the Braddock Road Metro Station, is expected to initiate before the end of this year.
  • Lee & Associates also represented the seller, Delman Family LLC, in the sale of 701 N. Henry Street for $6.25 million to Avanti Holdings Group. The 32,839 square foot property, which includes a 13,292 square foot industrial building and retail showroom, is situated at the intersection of Wythe and Henry Streets in the heart of Old Town Alexandria. The property includes a large surface parking lot and is located three blocks from the Braddock Road Metro Station. With the building leased to Alexandria Lighting & Supply, the new owner intends to keep the existing building status quo while contemplating a long-term, value-add development strategy for the site. “We have represented Avanti Holdings Group in more than ten transactions locally, and they consistently bring tremendous vision and anticipation to each real estate project, with a focus on urban in-fill real estate,” Simon stated. “We fielded offers from numerous townhome developers but Avanti separated itself with the presentation of a non-contingent offer.”

Simon and Kreutzer concentrate on investment sales transactions ranging from $2 million to $40 million, with a focus on ground-up development deals and conversions of existing buildings, and are currently working on a number of other large transactions for 2020.

Under Simon’s leadership, the Washington, D.C./Northern Virginia office plans to execute an aggressive growth strategy targeting business opportunities and seasoned brokerage professionals experienced in office landlord representation, office tenant representation, retail leasing, industrial leasing, debt services and investment sales.

Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. Visit https://www.lee-associates.com/offices/office/?id=1591

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