Avanti Holdings Group Acquires Property At 5904 Richmond Hwy Alexandria For $8.3M With Broker Joshua Simon
5904 Richmond Hwy, Alexandria, VA...
$8,300,000
$106/SF
Building Size
78,000 SF
Asset Type
Office
Closing
Nov 20, 2023
About this deal
AI
5904 Richmond Hwy, located in Alexandria, VA, is an office building that spans 78,000 square feet. The property sold for $8,300,000. It is situated within walking distance of Huntington Metro Station and Mount Vernon Trail, and at the time of sale, the building was 65 percent leased with five office suites available for lease, ranging in size from 1,800 to 15,780 square feet.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: $8,300,000.00
- Square Footage: 78,000
- Address: 5904 Richmond Hwy, Alexandria, VA
- Market: Alexandria
- Buyer: Avanti Holdings Group
- Seller: FCA
- Buyer's Representative: Joshua Simon
- Agency: KLNB Retail
- Leasing Assignment: Handled by Joshua Simon
This transaction involved Joshua Simon from KLNB representing the buyer, Avanti Holdings Group, which is a joint venture with Rock Creek Property Group. The office building's leasing aspect will be managed by Simon, indicating ongoing interest in the property's rental potential following the sale.
Players
Alexandria Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.91%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93