Washington, DC– EDGE Commercial Real Estate’s Capital Markets Group is pleased to announce the sale of 115 South Union Street in Alexandria, Virginia for $8,082,000. The sale includes a 30,000 SF, 3-story office building with ground floor retail and public/private parking garage. Joe Friedman and Kelly Lawrence, brokered the transaction which was originated while at Metropolis Capital Advisors. The Seller was 115 South Union CMB-GME LLC and the purchasers, Curtis Investments Inc. purchased the property to complete a 1031 Exchange.
The 30,000 square foot building has a prime location just one block from the Potomac River waterfront in the heart Old Town Alexandria and features a rare on-site parking garage. Although only 25% occupied at the time of sale, the office vacancy rate in Old Town Alexandria is hovering just above 10% and Curtis Investments Inc. will complete a building renovation that when combined with the asset’s prime location, should attract significant interest from prospective tenants.
“115 South Union Street was an ideal 1031 Exchange investment opportunity on an underperforming urban office asset in an A location with on-site parking and walkable amenities. A tremendous opportunity to create immediate value and hold for the long-term.” said Joe Friedman