-- A Joint Venture of Rock Creek Property Group and Avanti Holdings Group, LLC Acquires Office Building as Part of Vision to Develop Untapped Submarket --
-- KLNB Retained to Lease Office Building Ideal for Government Contractor, Technology and Medical Tenants --
KLNB, the full-service commercial real estate brokerage firm, announced today the sale of 5904 Richmond Highway, a 78,000-square-foot office building located in the Huntington submarket of Fairfax County, Va. Joshua Simon, SIOR, principal at KLNB, represented the buyer — a Joint Venture of Rock Creek Property Group and Avanti Holdings Group, LLC — and has also been retained to handle the leasing. The property sold on September 8, 2017 for a favorable price of $8.3 million, equating to nearly $106 per square foot.
5904 Richmond Highway is a newly renovated office building with suites ranging from 1,800 to 15,780 square feet. Conveniently located, the building has easy access to Route 1, Old Town Alexandria and the National Harbor. It’s also within walking distance to the Huntington Metro Station and Mount Vernon Trail.
Simon, who handles the leasing for all of the office buildings in Huntington, believes that the area is the next up and coming location in Fairfax County. “We are incredibly in tune with the Huntington market and it’s clear that it is an untapped submarket with great potential and high expected future density,” said Simon. “As companies continue to look for lower lease rates compared to Old Town Alexandria, they will immediately see value in Huntington thanks to its prime location and anticipated growth.”
Teddy Kim, principal at Avanti Holdings Group, echoed those sentiments. “Avanti has a strong presence in Alexandria — we purchased nearly $15 million worth of assets there in the last six months. But as we looked at the growing tech community, we saw value in expanding our portfolio into Huntington as well.”
“This market is really an extension of Old Town and Washington, D.C. making it ideal for tech start-ups, government contractors, medical tenants, general office and more. There is immeasurable potential here and we see this acquisition as a great start to future development throughout the area,” Kim added. “The ability to partner with Rock Creek Property Group on this acquisition has proved invaluable, allowing us to increase the size of the assets we typically pursue. We hope that this will be a long and prosperous relationship as we work with Rock Creek on larger developments and acquisitions throughout Virginia and beyond.”
Andy Glick, principal with Rock Creek, followed up by commenting, “Rock Creek has a long history of turning around office buildings. We were attracted to 5904 Richmond Highway for many reasons including its excellent condition, efficiency, abundant glass line, views, growth of the Huntington/Alexandria submarket and our ability to deliver rents $10 psf below comparable space in Old Town.”
5904 Richmond Highway is currently 65% leased, with a remaining five office suites available. For leasing opportunities at 5904 Richmond Highway, contact Joshua Simon (jsimon@klnb.com). For more information about KLNB’s office leasing services, click here.
About KLNB
KLNB is a leading provider of commercial real estate services throughout the mid-Atlantic region. KLNB provides a variety of services including tenant and landlord representation, leasing, investment sales, property management, financing, and appraisal & valuation services. Headquartered in Maryland, close to 80 full-time brokerage professionals work across KLNB’s five full-service offices located in Towson and Columbia, Md.; Washington, D.C.; and Dulles and Tysons, Va. http://klnb.com
