WASHINGTON, D.C. – (November 4, 2021) – Lee & Associates | Washington, D.C. has brokered the sale of a 28,000 square foot warehouse building, located at 619 S.Pickett Street in the Alexandria section of Northern Virginia to Terreno Realty Corporation (NYSE:TRNO) for $9 million. Contained on a 1.27-acre site adjacent to the Van Dorn metro station, the asset was unoccupied at the time of the sales transaction. Josh Simon, SIOR, President of Lee & Associates | Washington, D.C. and Pierson Kruetzer, Principal at Lee & Associates | Washington, D.C represented the seller, DVPP, LLC.
Terreno Realty Corporation, a real estate investment trust headquartered in San Francisco has engaged Cushman & Wakefield to oversee all marketing and leasing activities of the all-brick building featuring 26-foot ceiling heights, two outside loading docks and one drive-in bay, a truck court, a secured outdoor yard with vehicular parking and a cooler/refrigeration area consisting of approximately 6,600 square feet of space. The new owner intends to maintain the building’s industrial application based on the continued high demand for this asset class throughout the Northern Virginia region.
Throughout the marketing process, Lee & Associates reported an extremely high level of interest in the building from both residential development companies and industrial users and investors. A significant amenity of 619 S. Picket Street was the availability of outdoor storage land (OSL), which has emerged over the past two years as a highly-sought attribute among logistics companies that require space to stage or provide short-term storage for products prior to shipping them to the next destination. The eventual sale garnered a more than $300 per square foot acquisition price.
In addition to the disposition of 619 S. Pickett, Lee & Associates has been engaged to sell a nearly five-acre parcel situated at 6400-6412 Beulah Street on the west side of Alexandria. Consisting of two mostly-vacant commercial office buildings, the site is expected to draw interest from residential and senior living housing development groups and other investors.
“We look forward to engaging with the market and having a productive dialogue with Fairfax County officials on what we consider to be a strategically-located asset that can suit the needs of a diverse range of end-users,” explained Josh Simon of Lee & Associates. “Given the on-going challenges associated with the office leasing sector, combined with our specialty in identifying users for shovel-ready sites, the owner felt compelled to explore this sale.”
Lee & Associates expanded into the Washington, D.C. region in 2019. “We continue to rebound from the headwinds presented by 2020 to achieve tremendous momentum and success this year and we consider ourselves fully back on track, added Simon.
“Our team maintains in active discussions with a number of other property owners looking to extract maximum value for its assets by virtue of development rights. In addition, we appreciate Terreno’s hard work in finalizing the S. Pickett Street transaction.”
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 approximately 65 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. For additional information visit https://www.lee-associates.com/dc/
