Warehouse located in upcoming Oakville Triangle Development
NAI KLNB has brokered the sale of a two-story 35,000 square foot warehouse building in Alexandria, Virginia 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 in this transaction. The building was 100% leased and occupied by four tenants at the time of the sale.
Located at 410-420 Calvert Avenue, the building features sixteen and one-half foot ceiling heights, four roll-up doors and two internal loading docks. It is situated on Jefferson David Highway (VA Route 1) in the Potomac Yard area, and is approximately two miles from Ronald Reagan Washington National Airport and less than ten 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 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% 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, Virginia 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 specific 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.”
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.