FOR IMMEDIATE RELEASE
Feldman Ruel Urban Property Advisors Closes 901-905 King Street, a Trophy Mixed-use Property Located on the Hard Corner of King and N Alfred Streets
Press Contacts: Tanner Scales, Associate Director, (571) 932-5660 | Josh Feldman, Managing Principal, (202) 318-6833 | Ian Ruel, Managing Principal, (202) 318-6844
Washington, D.C., October 19th, 2022– 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 ground-level retail unit currently leased to national credit tenant, White House Black Market through October 2024 with a 5-year option. The remainder of the building consists of four levels of above grade vacant office space and a vacant finished basement. 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. The seller was motivated to divest the property from their portfolio as they are retiring and winding down the company.
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 intention to convert 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 sub-institutional 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.
www.FeldmanRuel.com