2 Commercial Properties In Alexandria's Del Ray For Sale After Redevelopment Fails

ALEXANDRIA, VA — After Bonaventure's failed effort to propose a redevelopment of a commercial building along Mount Vernon Avenue in Alexandria's Del Ray neighborhood, it is being sold.

Lee & Associates has been brought on as a broker to sell Bonaventure's properties at 2401-2419 and 2525 Mt Vernon Avenue. The properties are being marketed as the "largest multi-tenant Retail and Residential asset in Del Ray, occupied with a number of longstanding neighborhood Tenants" and a "rare 2 level 144 space parking structure."

Lee & Associates President and Alexandria resident Josh Simon told Patch buyers are being sought while communicating a message that the next property owner should emphasize a good relationship with neighbors. So far, Lee & Associates has talked with potential investors, developers and tenants.

"A big thing here is the neighbors and just making sure they don't get too upset with what happens here," said Simon.

The 2525 building was formerly home to the City of Alexandria's Department of Community & Human Services before it relocated to the Del Pepper Community Resource Center in the West End. Bonaventure had proposed a mixed-use development with apartments that drew a Save Del Ray effort from opposed residents. That project did not move forward, ALX Now reported.

"It doesn't do good for anybody to have an old office building sit vacant," said Simon.

The other building for sale, the 2401 Mount Vernon Avenue building, is leased with businesses like Piece Out Del Ray, Cheesetique, Crooked Beat Records, Del Ray School of Music and Let's Meat on the Avenue. Simon says it's "doubtful anyone would change" this block because the tenants are successful and well liked by the community.

"It's nice when you have a cash flowing component. That means stability," said Simon.

As the properties are marketed for sale, Simon is getting ideas from investors on a vision, especially the vacant 2525 building. Some ideas he believes would work in the space are a school, day care, gym or other recreational facility. He personally would love to see it become a brewery or restaurant.

"I don't think it's going to necessarily be torn down. It's more likely to be repurposed," he said.

But one point Simon is making clear to potential buyers is that they must be "thoughtful" on working with neighbors.

"They want to have the support of the neighborhood and the municipality," said Simon.

It is unclear if an office tenant is possible, as office vacancies continue to be a consequence of the COVID-19 pandemic. Simon believes the office market in Alexandria is doing better than other some parts of Northern Virginia. The retail market is performing better, as Simon pointed to retail vacancy rates in the low single digits in Old Town and Del Ray. Lee & Associates is marketing the property as a location in the desirable heart of Del Ray with walkability and convenience to development in Potomac Yard, Oakville Triangle and National Landing.

The seller has a preference to sell both properties together but would be open to separate sales, Simon said. He said the goal is to select a buyer in approximately 45 days. After that, the goal would be for the buyer to engage with the community and city to discuss plans for the space.

"Del Ray has become a really cool place, and someone is going to do something cool with this building at some point," said Simon.