Alexandria Warehouse Sells for $3.85 Million

ALEXANDRIA, VA -- NAI KLNB has brokered the sale of a 19,000 square foot warehouse building in Alexandria for $3.85 million, the company announced Thursday morning. Josh Simon, principal with NAI KLNB, represented the buyer, Avanti Holdings Group, in this transaction.

The seller, William Dwyer Properties, was represented by Christopher Campagna of Braddock Commercial Real Estate. The building, which is contained on 35,000 square feet of land, is 76 percent leased and occupied by five tenants at the time of the sale.

Located at 1200 N. Henry St. (see map below), the building features 14-foot ceiling heights and dock height loading, with visibility on Route 1 leading into Old Town Alexandria. The majority of the tenancy are retailers. The tenants include Zweet Sport Total Fitness, Daniel Donnelly Modern Design, Chem-Dry of Arlington and Alexandria and D.C. Party Rentals.

The property is situated approximately one-half mile from the Braddock Road Metro Station.

“We saw a major opportunity to acquire an industrial/flex asset that is virtually nonexistent in Alexandria,” explained Teddy Kim, principal of Avanti Holdings Group, in the announcement about the transaction. “As we researched further, we realized the future value points toward a redevelopment strategy, and we are currently exploring options. At this time, we are highly focused on leasing the remaining vacancy for the near term to stabilize the asset.”

Avanti Holdings Group, headquartered in Alexandria, recently sold 410-420 Calvert Avenue and is preparing to acquire several additional sites in the Old Town Alexandria area later this year, they said. In addition to Kim, Avanti Holdings Group was founded and is owned by Keinan Ashkenazi and Greg Salvaggio.

“We are working closely with Avanti Holdings Group to explore next phase strategies for 1200 N. Henry Street,” explained Josh Simon of NAI KLNB. “This transaction required nearly one year to execute and Avanti intends to leverage this acquisition into a project that makes a substantial impact in the marketplace. We are closely monitoring the Jaguar parcel directly adjacent to the site in an effort to expand, and increase the value of the overall development. With the proximity to Metro and visibility on Route 1, we are optimistic about the possibility of arranging an attractive development partner.”

Location of property (Google maps):

PHOTO courtesy of LH&A, Inc.