Halle Companies Sells Alexandria Retail Building for $14M
The Halle Companies has sold off a fully leased, retail property just across from a massive, mixed-use complex it’s developing in Alexandria, Va.
A private buyer acquired the 7.1-acre site, at 6001 Kingstowne Village Parkway, for $14.2 million.
Originally built in 2008, the property is fully leased to a tenant roster that includes an ALDI supermarket, a La-Z-Boy furniture store, and a newly opened Ashley Furniture HomeStore.
It is located just across the street from the Kingstowne Towne Center, a shopping center that Halle Companies is transforming into an 886,000-square-foot, live-work-play community. Halle Companies first received approvals for a mix of retail and residential development in 2016, but later downsized the amount of both, citing a weaker retail market, according to the Washington Business Journal.
Four residential buildings are planned, three of which will house up to 800 apartments, and the other building will contain condos. Additionally, 10 percent of the total number of units will be reserved for people 55 or older.
Avison Young facilitated the deal on behalf of the seller.
“This premier retail center in an unrivaled location represented a tremendous opportunity to purchase a generational-quality asset,” Jonathan Hipp, a principal and head of the U.S. net lease group at Avison Young, said in a prepared statement.
According to Avison Young, the property offers excellent traffic flow and is in one of the most coveted areas near Washington, D.C., as the centralized town center is Kingstowne’s core, with a wide variety of stores, restaurants and high-quality office buildings.
“This property represented an ideal combination of both a strong infill D.C. [metropolitan statistical area] location and an extremely high-quality rent roll,” Richard Murphy, an Avison Young senior vice president, said in a prepared statement. “It’s a combination you don’t often see come to the market.”
The Avison Young capital markets team also included Principal Chip Ryan and Senior Vice President Matt Weber. Michael Patz of KLNB represented the buyer.