Updated at 5:45 p.m. Mia’s Italian Kitchen has a permanent home in Alexandria.
Douglas Development Corp. sold 100 King Street to Alexandria Restaurant Partners for $8.6 million on October 28, according to city records.
That’s more than twice what the three-story building at the corner of King and S. Union Streets is worth for tax purposes, as its value was last assessed at $3.6 million in January.
“The last three-to-four years we’ve been focused on opening restaurants in buildings we own,” Scott Shaw, ARP’s managing partner told ALXnow. “It’s a business strategy that provides stability and predictability for the restaurant.”
Shaw said that the $8.6 million building price was justified by the rent that they paid at the space.
Douglas Development Corp. bought it in 2009 for $2.5 million, and the assessed value of the property peaked at $4 million in 2020.
Mia’s Italian Kitchen has leased in the space since April 2018, becoming a success story in a previously troublesome property.
ARP leases locations at Vola’s Dockside Grill, Riverside Taco Company, Joe Theismann’s Restaurant, The Majestic. The company owns Ada’s on the River and Barca Pier and Wine Bar. The company also owns a Mia’s Italian Kitchen and Café Tu Tu Tango in Orlando, Florida.
Congratulations are in order for @Eat_Drink_ARP!
Alexandria Restaurant Partners celebrates its acquisition of 100 King St with the Alexandria Chamber of Commerce and financing partners, Virginia Partners Bank. Congratulations! pic.twitter.com/F6KUHkhTJx
— Alexandria Chamber (@TheChamberALX) November 28, 2022
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