An Old Town asset, Braddock Place is located directly across from the Braddock Road Metro Station. It is 96% leased to investment grade tenants including government services groups, associations and the federal government.
The building's stability is fitting with what is happening in the Alexandria submarket as a whole, says Tonya Ginter, director of Research and Marketing for GVA Advantis. "Alexandria is the only Northern Virginia submarket where the vacancy rates have stabilized." Every other submarket, she tells GlobeSt.com, has seen an uptick this year.
The expected price point that Braddock Place is trading at is also in keeping with recent market trends, she also points out. "ING Clarion sold 2051 Jamieson Rd. for just a little under $472.69 per sf in March, which is a little higher than average for the market."
Another recent comp can be found in Shirlington, Ginter says, which is very close to the Alexandria submarket. That was the $62.5 million, or $302 per sf, sale of Shirlington Gateway.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
