Office Building Sold: 5904 Richmond Highway
The office building located at 5904 Richmond Highway, formerly the home of Taxi Magic in the Huntington/North Gateway area, was sold to a partnership of Rock Creek Property Group and Avanti Holdings LLC for a sale price of $8.3 million. This is quite a bit lower than the original $16 million asking price, and the $13 million Fairfax County assessed value.
According to the Washington Business Journal, the new ownership group will be seeking new office tenants at rents of $23-$24 per square foot, and hoping to attract tenants relocating from Old Town Alexandria, where rents can be much higher.
However, the new owners also seem quite interested in working with owners of neighboring properties to eventually redevelop. This would unlock the great potential of the North Gateway area. In addition to 5904, they have purchased the Budget Host Traveler’s Inn at 5968 for approximately $2.2 million, higher than the property’s assessed value of $941,610.
More information on the sale of 5904 Richmond Highway:
Washington Business Journal 10/2/17: Rock Creek Property Group eyes major redevelopment prospect in Huntington
Covering the Corridor 9/29/17: Office building in Huntington sells for $8.3 million
More information on Huntington/North Gateway and the Riverside Apartments redevelopment project.