A large mixed-use building in Old Town was sold last week for $38.85 million, Washington Business Journal first reported.
The sale is of Tavern Square, a building consisting of 421 King, 123 N Pitt, and 110 and 132 N Royal Streets, which occupies a full city block in Old Town Alexandria. The 171,738-square-foot property contains a mix of retail and office uses. The release notes the building was renovated back in 2019 to add a fitness center, a new conference center and more.
The release said the property is 84% leased, but the Washington Business Journal noted the building sold for 23% less than the previous sale.
The release notes that the sale was arranged by JLL Capital Markets on behalf of the buyer, “an affiliate of Melrose Solomon Enterprises,” a real estate investment firm that’s been buying properties around the area.
