November 09, 2017
Alexandria, VA – Transwestern today announces it brokered the disposition of the Boat Owners Association of the United States (BoatUS) headquarters at 880 S. Pickett St. in Alexandria, Virginia, to Public Storage. The 92,000-square-foot flex/industrial building will be among the first to be redeveloped as part of Alexandria’s new plan for redeveloping the Eisenhower West district. Transwestern’s Caulley Deringer, Steve Cloud and Wilson West represented the seller, Indian Creek Company LP, in the transaction.
“The building sits on 7.3 acres in an area that qualifies for Alexandria’s Eisenhower West Small Area Plan,” said Deringer. “The plan provides guidelines for development, with an urban design framework intended to connect parcels into a higher-density, green, sustainable environment for a work/live/play atmosphere. With the increased density, the buyer will provide much needed self-storage space to a constrained market.”
The fully occupied property, which sold for $13.7 million, received significant interest from buyers due to its location inside the Washington Beltway, solid in-place cash flow through December 2018 and strong redevelopment potential, Deringer noted.
BoatUS, a Geico company, has signed an approximately 63,000-square-foot build-to-suit lease on Port Royal Road in Springfield, Virginia, and will vacate the property in mid-2018 when its new facility is completed.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.