SRS Brokers $27M Sale of Old Town Alexandria Whole Foods Condo
SRS national net lease group’s Andrew Fallon and Rick Fernandez, partnering with Joe Friedman, partner at Edge and managing director of capital markets, have brokered the $27-million sale of a Whole Foods Market-occupied retail condominium. The 42,243-square-foot retail asset is on Duke Street in Old Town Alexandria.
The net-leased property, with about four years remaining on the initial term, sold at $639 per square foot to Benderson Development, Inc.
“Investor demand for urban infill, net-leased retail increased significantly over the past 24 months as buyers sought a flight to quality in both tenancy and location,” said Fernandez. “Essential retail like grocery and specifically best-in-class operators like Whole Foods are broadly popular with net lease investors.”
“The market-leading cap rate for a four-year corporate-guaranteed lease is a reflection of long-term investor confidence in the market and the original developer’s success in creating a dynamic urban place anchored by this strong credit grocery brand,” added Fallon.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.