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Burke & Herbert Bank & Trust Company Acquires Office Property In Alexandria For $22M

Property Image
SOLD
$22,000,000

Virginia

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Office110,047 SF
Sold 07/11/2022
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Property Image
SOLD

Burke & Herbert Bank & Trust Company Acquires Office Property In Alexandria For $22M

5680 King Centre Drive, Alexandria, Virginia 22315, United States

See Similar Deals
Office110,047 SF
Sold 07/11/2022
Contact now

Summary

VIRGINIA
Asset Type:Office
Price Per Square Foot:$199
Total Square Footage:110,047 SF
Transaction Type:Sale

The office property located at 5680 King Centre Dr in Alexandria, VA has been sold in a closed transaction. The property spans 110,047 square feet and was acquired by Burke & Herbert Bank & Trust Company for a total price of $22,000,000, resulting in a price per square foot of $200. The seller in this transaction was The Halle Companies. The deal was facilitated by brokers Bill Evans and Jim Kornick from Avison Young.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $22,000,000
  • Address: 5680 King Centre Dr, Alexandria, VA
  • Market: Alexandria, VA
  • Buyer: Burke & Herbert Bank & Trust Company - David P. Boyle
  • Seller: The Halle Companies
  • Brokers: Bill Evans & Jim Kornick - Avison Young
  • Size: 110,047 square feet
  • Price per Square Foot: $200

This transaction involved David P. Boyle representing Burke & Herbert Bank & Trust Company as the buyer. The brokers involved in the deal were Bill Evans and Jim Kornick from Avison Young. The sale of the property highlights the successful collaboration between the buyer, seller, and brokers in achieving a significant transaction in the office market of Alexandria, VA.

Players

Jim Kornick
2 deals$37.3M volume
BROKER

William (Bill) Evans Jr.
Avison Young
2 deals$43.5M volume
BROKER

SELLER

Details

SOLD
IMAGE: David P. Boyle, Bill Evans & Jim Kornick DATE: 07/11/2022 ADDRESS: 5680 King Centre Dr MARKET: Alexandria, VA ASSET TYPE: Office BUYER: Burke & Herbert Bank & Trust Company - David P. Boyle SELLER: The Halle Companies BROKERS: Bill Evans & Jim Kornick - Avison Young SALE PRICE: $22,000,000 SF: 110,047 ~ PPSF: $200

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,173,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69