Feldman Ruel Urban Property Advisors, the leader in the sale in the sale of sub-institutional commercial investment properties in the D.C. metropolitan area, announces the sale of 901-905 King Street, a four-level trophy mixed-use property located in Old Town Alexandria, VA. At the time of sale, the property was delivered almost entirely vacant. 901-905 King Street features a street-level retail unit occupied by national credit tenant, White House Black Market. The remainder of the building consists of four levels of above-grade vacant office space and a vacant finished sublevel. The asset sold for $5,000,000 or $237 per square foot.
Tanner Scales, Josh Feldman, and Ian Ruel of Feldman Ruel had the exclusive listing to market the property on behalf of the seller, A & H LLC which previously occupied a portion of the building and sold the asset as part of a larger retirement strategy as they wind down operations.
Old Town Alexandria’s office market has been in steady decline for the past few years, with negative net absorption and rising vacancy rates leading to multiple office-to-residential conversions in the submarket. In keeping with this trend, the buyer, Windmill Hill Homes, acquired the property with the intention of converting the vacant office space into fourteen high-end residential units while leaving the retail space as-is. This conversion will provide new life into a trophy property that has been largely vacant for years.
About Feldman Ruel
Feldman Ruel Urban Property Advisors is a boutique commercial real estate services firm focused primarily on subinstitutional investment sales and property management in the Washington, D.C. metropolitan area and is consistently recognized as a market leader in the industry. Feldman Ruel successfully completes dozens of transactions every year making it one of the top investment sales brokerage firms in the area. The experience and relationships resulting from hundreds of successful transactions allow the principals and agents of Feldman Ruel to provide its clients with the most accurate valuations, most effective multichannel marketing, and best advisory services available in its practice areas.