For Sale: Part of Alexandria, Va.
Commercial Observer
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Sign of the times? A four-building complex in Northern Virginia that sold in 2018 for $50.4 million is now on the market with a value of about $34.2 million. Also for today: An 11.6-acre office and retail site in South Florida just traded for $53 million.
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— Tom Acitelli, Deputy Editor
Alexandria’s 172K-SF Tavern Square Property Available for Purchase
Alexandria, Va.’s Tavern Square is on the market. JLL listed the city center’s 1.8-acre, 171,735-square-foot network of four buildings for sale this week. A spokesperson for JLL did not immediately respond to a request for the asking price. Tavern Square was last sold in 2018 to a joint venture for $50.4 million, according to property records cited by the Business Journals. Now, the property’s value hovers around $34.2 million. Affiliates of Westport Capital Partners and Galaxy Investments bought the real estate six years ago, with regional real estate company Cambridge Holdings as the property’s manager.
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Pebb Buys The Press Mixed-Use Complex in West Palm Beach for $53M
Pebb Capital and Sabal Investment Holdings paid $53 million for The Press, a mixed-use development in West Palm Beach, Fla., property records show. The 11.6-acre property features 256,653 square feet of office and retail space at 2751 South Dixie Highway. The complex is about 73 percent leased, according to a representative for the joint venture. Tenants include the Palm Beach Post and Palm Beach Atlantic University as well as retail tenants Joseph’s Classic Market, Pink Steak, Starbucks, Restore spa, Tremble Pilates and Amped Fitness. The joint venture plans to spend about $27 million redeveloping the 3.7-acre surface parking lot, according to a statement by the buyers.
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