NAI KLNB BROKERS SALE OF 26,000 SQUARE FOOT OFFICE BUILDING IN ALEXANDRIA FOR $4.5 MILLION

Vienna, VA (March 7, 2014) – NAI KLNB has brokered the sale of 950 N. Washington Street, a 26,000 square foot office building  located in Alexandria, Virginia to CAS Riegler Companies, LLC and J.C. Reger Interests, Inc. for $4.5 million. Josh Simon of NAI KLNB represented the buyer, and Peter Berk, Dave Millard and Nick Gregorias of Avison Young represented the seller, American Academy of Physician Assistants, Inc.

The four-story building is currently vacant, but was last used as the headquarters of its former owner, the American Academy of Physician Assistants. Following the completion of a comprehensive renovation and improvement program, CAS Riegler Companies and J.C. Reger Interests, intend to convert the building into executive suites for smaller users who need one or two offices, as well as “touchdown” stations or “cubes” that businesspeople utilize for short periods of time.

The asset is positioned is within walking distance to the Braddock Road metro station, and is surrounded by a variety of business amenities including restaurants and shopping choices. In addition, 905 N. Washington Street includes 45 underground parking spaces, features plentiful on-street parking and is adjacent to a number of parking garages. It is also less than two blocks away from the newly-announced mixed-use development by Edens & Avant at Giant Foods on First Street in Old Town.   

“Executive office suites are rapidly gaining popularity in our region, as evidenced by the success of companies such as Regus, Intelligent Office and new concepts including WeWork and Uber Offices,” explained Josh Simon of NAI KLNB. “The new owner currently owns and manages two executive suite properties in the market, so this new acquisition made sense for them from an operational standpoint. CAS Riegler and J.C. Reger Interests were attracted to the outstanding location of the building in a dynamic business marketplace, and the opportunity to re-purpose the structurally-sound asset into a use that exhibits strong demand.”

Founded in 1968, KLNB, LLC is comprised of two real estate divisions companies that include NAI KLNB, a division that focuses on the sale and leasing of commercial office, industrial and warehouse properties, as well as KLNB Retail, which specializes in the sale and leasing of retail properties as well as tenant representation. The company is also a full-service provider of commercial real estate property and asset management services.