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Avison Young brokers sale of premier retail center in Alexandria, VA for $14+ million

Avison Young brokers sale of premier retail center in Alexandria, VA for $14+ million 22 Jun 2021

6001 Kingstowne Village Parkway is home to an ALDI supermarket, La-Z-Boy furniture store and Ashley Furniture HomeStore

WASHINGTON, DC — Avison Young’s Capital Markets Group announced today that it has brokered the sale of a top-tier retail center in Alexandria, VA.

A private buyer purchased 6001 Kingstowne Village Parkway from The Halle Companies for $14.2 million. The property, which is adjacent to Kingstowne Towne Center, is fully leased to an ALDI supermarket, a La-Z-Boy furniture store and a newly opened Ashley Furniture HomeStore.

Avison Young Capital Markets, led by Jonathan Hipp, Principal and Head of the U.S. Net Lease Group, Richard Murphy, Senior Vice President, Chip Ryan, Principal, and Matt Weber, Senior Vice President, represented the seller.

“This premier retail center in an unrivaled location represented a tremendous opportunity to purchase a generational-quality asset,” Hipp said. “Thanks to strong demographics, the 100%-leased, high-quality retail will continue to provide stable income for years to come.”

Added Murphy: “This property represented an ideal combination of both a strong infill DC MSA location and an extremely high-quality rent roll. It’s a combination you don’t often see come to the market.”

The property area has excellent traffic flow, with nearby retailers including Walmart and Kohl’s. It is ideally located adjacent to Kingstowne Towne Center, a vibrant live-work-play center in one of the most coveted areas near Washington, DC. This centralized town center is Kingstowne’s core, with a wide variety of stores, restaurants and high-quality office buildings.

The thriving area continues to grow quickly. More than 600 new multifamily units are scheduled to be completed in Kingstowne Towne Center. The influx of young, affluent renters will give another boost to this micro market’s retail economy and bodes well for the future of the property’s tenants.

“This property is situated in a beautiful area that is extraordinarily popular with residents,” Ryan said. “Kingstowne’s appealing blend of homes, offices, restaurants and stores makes it one of Northern Virginia’s best places to live.”

 

For more information:

Jonathan Hipp, Principal, U.S. Head of Net Lease Group - 571.926.2009

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