Search
 

Braddock Place Trades for $107M

ALEXANDRIA, VA-ING Clarion is selling the 348,218-sf office buildings, which are 96% leased to investment grade tenants, to MGP Real Estate.

By Erika Morphy | Updated on June 18, 2008

ALEXANDRIA, VA-The sale of Braddock Place, a four-building, class A office complex here, is expected to close today. The 348,218-sf complex is set to trade for $106.5 million. ING Clarion is selling the property to MGP Real Estate LLC. Paul Collins, Bill Collins, Drew Flood, and James Cassidy of Cassidy & Pinkard Colliers are representing the seller.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.