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Local Investor Takes Old Town Portfolio for $23M

ALEXANDRIA, VA-Even though there are unique attributes to this portfolio the pricing ultimately came down to its cap rate, Transwestern’s Stephen Beggs tells GlobeSt.com’s Erika Morphy.

By Erika Morphy | Updated on May 17, 2011

ALEXANDRIA, VA-A nine asset office and retail portfolio has traded in Old Town for $23 million and at a six-and-a-quarter to six-and-a-half cap rate. The buyer is a local buy-and-hold investor, Transwestern’s Stephen Beggs tells GlobeSt.com. “He is someone dedicated to working with Alexandria businesses and is also interested in other opportunities,” Beggs says.

Along with colleague Caulley Deringer, Beggs represented the buyer, Route 66 Ventures. Paul Hanafin of West, Lane & Schlager represented the seller, Grosvenor.

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