FOR IMMEDIATE RELEASE
Rare New-Construction Four-Tenant Retail Asset Trades in Old Town Alexandria
Press Contacts: Ian Ruel, Managing Principal, (202) 318-6844 | Tanner Scales, Associate Director (571) 932-5660 | Josh Feldman, Managing Principal, (202) 318-6833
Washington, D.C., June 5th, 2024– Feldman Ruel, the leader in the marketing and sale of commercial investment properties in the Washington, D.C. metropolitan area, announces the sale of 1300-1310 King Street in Alexandria, VA. This new-construction, multi-tenant, retail asset is located along Old Town’s most desirable commercial corridor. The portfolio of four contiguous fully leased retail condominiums, occupied by Call Your Mother Deli, Framebridge, Pippin Toy Company, and Nothing in Between, sold for $4,375,000, which equates to $743.30 per square foot.
Ian Ruel, Tanner Scales, Josh Feldman, and Pete Barnard of Feldman Ruel had the exclusive listing to market the property on behalf of the Seller, who recently completed the mixed-use condominium project consisting of 31 residential units and the four aforementioned retail units. The project incorporated two historic buildings at the corner of S. Payne Street and King Street, which were transformed into retail condominiums that preserved the historic character of their 18th Century structures.
Feldman Ruel created a competitive environment, generating numerous offers, and was able to secure an all-cash offer from a local high-net-worth partnership which was attracted to the asset due to its positioning along Old Town, Alexandria’s most highly trafficked commercial corridor, favorable tenant mix, strong cash-flow, and landlord-friendly lease structures. The property closed in less than two months and at more than 95% of the asking price.
About Feldman Ruel
Feldman Ruel is a commercial real estate services firm focused primarily on 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 scores 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 their clients with the most accurate valuations, most effective multichannel marketing, and best advisory services available in its practice areas.