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Old Town Office/Retail Trades for $250 Per SF

ALEXANDRIA, VA-Several local investors are buying the 31,870-sf Firehouse Square, a historic building that is fully leased.

By Erika Morphy | Updated on July 02, 2008

ALEXANDRIA, VA-A small office/retail building in Old Town has traded for $7.9 million, or $250 per sf. The sellers are 901 King St. Associates, a Pennsylvania general partnership. A local partnership has acquired the 31,870-sf property, called Firehouse Square. GVA Advantis’ Brian Ball, executive director, George Labarraque, executive director and Brian Ball Jr., associate represented the buyer.

The property traded at a 6.5% cap rate, Tonya Ginter, director of research and marketing tells GlobeSt.com. “$7.9 million, or $250 per sf, is a good price for that building.” She says that “since it is smaller, it is difficult to compare to another asset.”

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