Transwestern today announces it has been retained to sell 5510 Cherokee Ave., a 54,453-square-foot office building in Alexandria, Virginia. Transwestern’s Mid-Atlantic Capital Markets Group is handling the listing on behalf of an undisclosed seller via the RealINSIGHT Marketplace website.
The value-add property is 55 percent leased to eight tenants, including Plexus Scientific Corp., which is headquartered at the building and recently signed a lease extension. Common areas and restrooms were recently upgraded, and the property has been well maintained, with most vacant suites in turn-key condition.
According to Transwestern research, conditions in the office market surrounding the property strengthened during second quarter 2017. Net absorption registered 40,800 square feet, bringing the year-to-date total to 27,700 square feet. The direct vacancy rate declined during the quarter to 12.2 percent, below the 10-year average of 13.1 percent.
Located near the intersection of Interstates 395, 495 and 95, known as the “mixing bowl,” the property offers easy car access. Additionally, its position between the Pentagon and Fort Belvoir make it ideally suited for defense contractors, which will benefit from the proposed increases in U.S. defense spending.
For more information on the property, view the listing here.
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.
ABOUT REALINSIGHT MARKETPLACE
RealINSIGHT Marketplace is a nationwide online commercial real estate sales platform powered by RealINSIGHT. Launched in 2017, Marketplace offers properties and loans secured by commercial real estate, across all asset types and classes.