SLA Offering Memorandum_FINAL.indd

Contents
Executive Summary
1-2
Property Description
3-4
Location Summary
Overview/Location Map
5
Amenity Map
6
Hypothetical Operating Expenses
Market Summary
Floor Plans
7
8-10
11-14
Executive Summary
Cresa Washington DC, on behalf of Special Libraries
Association (“Owner”), has been exclusively engaged
to sell 331 & 335 South Patrick Street (the “Property”),
a premier office building developed as part of the
Alexandria Gateway Condominium Complex, located in
the prestigious Old Town area of Alexandria, Virginia,
less than 7 miles south of downtown Washington, DC.
omprised of 15,798 square feet, the Property
is ideally situated just two blocks south of King
Street and within walking distance to King Street Metro
Station as well as less than one mile north of I-495/I-95,
the “Capital Beltway.” Furthermore, this location
provides tenants and visitors with direct proximity to
Alexandria’s Old Town district, an amenity rich area
made up of dense office, residential and retail use.
The Old Town district of Alexandria has emerged as a
focal point of employment, residential and commercial
development in the metropolitan area.
The Property is part of the Alexandria Gateway
Condominium Unit Owner’s Association that contains
13 units in total. The Owner purchased the Property
in 2004, at which time they invested $1.8M or $114/
SF in upgrading the facility. At the beginning of 2014,
the owner upgraded the roof and replaced the HVAC.
Excellent Location, Access, and Proximity
to Amenities
Situated within close walking distance to King Street
Metro Station, a popular hub along the Blue and
Yellow metro lines, the Property is a 10 minute walk
from unlimited access to the broader metro area. This
infill submarket, located just inside the I-495 Beltway
and 7 miles south of downtown Washington, has a
“Georgetown feel,” with strict zoning that is typified
by low building heights, attractive brick facades and
historic charm. The Property is also located two
blocks from King Street, the primary retail corridor in
1
Executive Summary
Old Town, offering over 100 restaurants and shops for
employees to choose from.
Alexandria’s ideal location attracts, retains and
motivates a highly professional workforce. Within a
3 mile radius of the Property, over 139,000 residents
live, work, play and enjoy Alexandria as their home.
This vibrant population is expected to grow 8.3% by
2018, according to Claritas. Within this same radius,
average household income exceeds $126,000 per
year (more than twice the national average) and over
58% of residents hold at least a Bachelor’s degree.
Attractive, Timeless Physical Attributes
331 & 335 South Patrick Street was built in 1987 by
Meushaw Development, as part of a 13-unit complex
that was designed by the architecture firm of Michael &
Michael. The 3-story, front facing building is comprised
of high-quality brick construction with an attractive brick
and glass facade. There are four separate entrances, a
private elevator, and 30 covered parking spaces in the
below-grade parking garage under the building. The
Property offers high-end finishes and amenities including
9’ ceilings, large windows on every side with abundant
natural light, a large executive conference room, multiple
smaller conference rooms, and a staff lounge on each floor
as well as well-placed storage throughout the building.
Importantly, the Property was built so that the building
may be separately demised and leased at minimal costs.
2
Property Description
Address:
331 & 335 South Patrick Street,
Alexandria, VA 22314
Legal Address:
331 & 335 South Patrick Street,
Alexandria, VA 22314
Unit 2C2 – 074.03-0A-02C2
Unit 2C1 – 074.03-0A-02C1
Location:
The Property is located in Old Town Alexandria
between the intersection of South Patrick Street
to the east, South Henry Street to the west and
Duke Street to the north.
Ownership:
Special Libraries Association
Parking:
30 marked spaces in below grade garage
beneath building
Year Built:
1987
Converted/Renovated:
2004/2014
Land Area:
7,899 square feet
Building Area:
15,798 rentable square feet
Current Improvements:
3 stories above grade plus 30 marked spaces in
below grade garage
Zoning:
CD/Commercial downtown zone - The CD zone
provides for an urban mix of retail, office, service,
hotel, residential and civic functions for the city’s
downtown business core. The current certificate
of occupancy is for office.
3
Property Description
Property
Transportation:
Property
Improvements:
10 minute walk to King Street Metro Station (Blue &
Yellow Lines). Bus Service on Duke Street AT-8 East and
West Bound serving Old Town Alexandria. I-495/I-95
access ½ mile directly south of Property.
The building has three above grade stories plus a parking
garage below grade. The building was renovated in
2014 and most recently in January 2014 the HVAC
was replaced.
Construction:
Red brick structure, inverted roof membrane system and
concrete slab.
Security:
Enhanced Security System. Panic button direct to police
on every floor.
Fire Protection
System:
Sprinklers throughout property.
Interior Finishes:
The finishes in the lobby include stone floor, upgraded
lighting and additional high-end finishes throughout. The
offices include carpeted floors and acoustical tile ceilings.
HVAC:
Electric Heat Pump System replaced in 2014. The fan units
and self-contained package units are located in mechanical
rooms on each floor.
Plumbing:
The property has four restrooms on the first floor, two
restrooms on the second and three restrooms on the
third floor.
Real Estate Tax Assessment
Tax Assessment:
Improvements:
Land:
Total:
2013: 331 & 335 South Patrick Street
$3,192,590.00
$1,028,450.00
$4,221,040.00
4
Location Summary
Location Overview
331 & 335 South Patrick Street is ideally located at the
major crossroads of U.S. Route 1 and Duke Street in
Old Town Alexandria. This provides unsurpassed identity
and visibility along with close proximity to major
transportation hubs.
Situated in between two major one-way streets (South
Henry Street and South Patrick Street) allows easy north
and south travel as well as direct access to the Capital
Beltway (I-495/I-95). It is a brief walk to King Street
Metro Station (Blue and Yellow Lines), Virginia Railway
Express (VRE) Alexandria Station, and Alexandria
Amtrak Station. Furthermore, it offers quick access to
the U.S. Patent & Trademark Office, the future home
of the National Science Foundation, Reagan National
Airport, Capitol Hill, the downtown Washington, D.C.,
business district, Crystal City and the Pentagon, all
being just minutes away.
Silver
Spring
Bethesda
7
The Property offers a live, work, and play environment
being located just two and one-half blocks from King
495
Street, the major corridor of Old Town that meets the
123
Potomac River. This retail
main street contains numerous
267
shops, hotels and restaurants.
1
355
29
Abundant garage parking specifically
reserved for
ARLINGTON
owners and guests make 331
& 335 SouthCOUNTY
Patrick Street
Tysons
the perfect combination ofCorner
access and convenience in
Vienna
an amenity-rich
environment.
Falls
Church
123
395
66
21
Arlington
395
50
Virginia
395
295
1
236
495
5
Alexandria
95
FAIRFAX
COUNTY
5
Location Summary
First St
BRADDOCK
ROAD
Braddock
Field
N Pitt St
St
Asaph St
N Saint
30
t
N Union S
Wilkes
Street Tunnel
t
S Union S
S Lee St
Asaph St
Jefferson
St
S Fairfax
St
No crossing
Franklin
S Saint
bus St
St
Nannie J. Lee
Center
S Colum
y
King St Park
Waterfront Park
Prince St
Point Lumley
Roberdeau Park
Gibbon St
S Alfred
twa
Rivergat
e
Pl
St
bus St
St
St
S Patrick
t
S Henry S
St
S Fayette
31
8
St
1
St
29
Ramsey House
Visitors Center
7
Lyles-Crouch
School
d
Jefferson
City Marina
Carlyle House
1
Wilkes St
Shipyard
Park
Potomac View/
Windmill Hill
Ford's Landing
St
Alexande
r St
S Royal
St
Green St
Church St
495 95
Freedmen’s
Cemetery
.25
.5 mi
Fairfax
County
Capital Beltw
Jones Point Dr
m
on
0
Jones Point
Park
ay
d
Hw
y
N
Ri
ch
Live. Work. Play.
21
19 6
Founders
Park
33
7
22
Odd Fellows
Hall
lR
Bel
2
2
West's
Point
Armory
Tot Lot
Duke St
3
18
Franklin
Cap
ital
N Alfred
St
20
17
St
Seaport Center
1
1
Wolfe St
Alexandria
National
Cemetery
N Colum
St
N Patrick
St
16
Wilkes St
St
S Pitt St
St
N West
St
Hoof’s Run Bridge
ngton St
Mil
15
African American
Heritage Park
United States Patent
and Trademark Office
(USPTO)
Old Cameron
Run Channel
14
Dee Campbell
Rowing Facility
Oronoco
Bay Park
City Hall
7 24
6
9
8 5
4 23
1
4
Alexandria Clerk
32
Circuit Court
3
2
Rivergate
City Park
Queen St
9 3 10
1
6
Pl
Wythe Street
Plaza
Princess
5
8
27
Prince St
S Payne
EISENHOWER
AVENUE
m
Co
Hooffs Run Dr
Future Home of
National Science
Foundation
Av
5 4
t
El i zabeth La
Mill Rd
Grist Mill Pl
Jamieson
10 2
11
12
13
St
Ballenger Av
m
Ja
John Carl yl e St
Av
12
S West
e
on
25 26
11
t
rc
me
236
5
ies
N Payne
St
n
na
ha
Rd
Duke St
13
eS
SP
ey
eld
Alexandria
Transit Store
14
Alexandria
House Park
Oronoco
34
St
28
3
St
Madison
Queen St
Hunter/Miller
Park
Cameron
St
llah
Carlyle
Dog Park
King St
ton
Dia
Dove St
7
15 4
d
al R
gon
Dr
Ca
eville La
St
N Peyton
in e
ar
2
erfi
ing
Da
an
Av
King Street
Gardens
KING STREET
Duke St
n
Durant Recreation
Center
S
Union Station
Amtrak/VRE
236
Bu
c
M
ou
Dr
s et
St
un
George Washington
Masonic Memorial
Buchanan
Park
N Henry
Interior
Park
oL
rn
o
Ve
nt
ell Rd
Ki
ng
Me
tr
Russ
Hooff's Run Park
& Greenway
Pendleton
N Fayette
Capital Bikeshare
Pa
rk
Hotels
7
Wythe St
Pendleton
Park
Library
Tide Lock Park
ery Pl
St
Charles Houston
Rec Center
Station
Churches
nter Pz
Montgom
Av
Maury
Fire
School
Canal Ce
Cross Canal
Madison
Farmers Markets
Conveniences
ery St
N Fairfax
w e al th
Restaurants
Beach Park
First St
Montgomery
Park
Montgom
Belle Pre
Wy
N Lee St
d
First St
1
N Royal
kR
1
Braddock
Pl
S Washi
Amenity Map Key
doc
St
Common
rad
N Washin
gton
EB
Woodrow
Wilson Bridge
Underpass
1
Jones Point Park
1
Society Fair Food Emporium
1
Back to Health Center
18
Ruth’s Golden Child Day Care
1
Alfred Street Baptist Church
2
The Majestic Restaurant
2
Plus Dry Cleaners
19
CVS
2
Beulah Baptist Church
3
Bertucci’s Restaurant
3
BB&T Bank
20
United Bank
3
Downtown Baptist Church
4
Alexandria Cupcake
4
TD Bank
21
Fountains Day Spa
4
Washington Street United Methodist Church
5
Hank’s Oyster Bar
5
Virginia Commerce Bank
22
Little Theater of Alexandria
5
Christ Church
6
Firehook Bakery
6
Suntrust Bank
23
Citibank
6
Shiloh Baptist
7
Grape & Bean
7
Burke & Herbert Bank
24
Walgreens
7
St. Mary’s Catholic Church
8
Starbucks
8
Virginia Day Cleaners
25
Sugar House Day Spa & Salon
8
Old Presbyterian Meeting House
9
Cosi
9
King Custom Tailor Shop
26
Old Town Theater
1
Hotel Monaco Alexandria
10
Murphy’s Grand Irish Pub
10
Blown Hair Salon
27
Pure Prana Yoga Studio
2
Morrison House, a Kimpton Hotel
11
Bittersweet Catering Cafe
11
Kingdom Dry Cleaners
28
Snap Fitness
3
Lorien Hotel & Spa
12
Misha’s Coffee
12
Modern Day Cleaners
29
Torpedo Factory
4
Hampton Inn
13
La Fromagerie Cheese Shop
13
Luis Tailoring
30
Athenceum
5
Residence Inn
14
Happy Home Child Care
31
Stabler-Leadbeater Apothecary
14
O’Shaughnessy’s Pub
15 Dunkin Donuts
15
SunTrust Mortgage
32
Lyceum
1
Alexandria Farmer’s Market
16
T.J. Fannon & Sons HVAC
33
Gadsby’s Tavern Museum
2
King Street Farmer’s Market
17
West Marine
34
Lee Fendell House
6
Hypothetical Operating Expenses
Operating Expense Costs
Actual
2012
PSF
HVAC Maintenance*:
$ 18,657
$ 1.18
Janitorial:
$ 16,200
$ 1.03
Electricity**:
$ 26,783
$ 1.70
Insurance:
$ 13,930
$ 0.88
Elevator:
$ 3,677
$ 0.23
Security:
$ 5,702
$ 0.36
$ 79,721
$ 5.05
Fuel:
$ --
$ --
Trash Removal:
$ --
$ --
$ 985
$ 0.06
$ --
$ --
$ 37,322
$ 2.36
$ 202,977
$ 12.85
Property Tax:
Extermination:
Water/Sewer:
Building Contingency:
(condo fees)
Total Occupancy
*Expected to be $6,000 for servicing in 2014 due to new system and service agreement in place.
**Expected to decrease with new, more efficient HVAC system installed in early 2014.
7
Market Summary
OFFICE
RETAIL
RESIDENTIAL
Alexandria has a variety
of product types that
can accommodate
everything from
independent retailers
to national brands:
INDUSTRIAL / FLEX
198 }
PROPERTIES
AREAS OF CONCENTRATION:
Jefferson Davis Highway
Wheeler Avenue
Eisenhower Avenue
6.2 MILLION
Two Main Streets: KING
STREET AND MOUNT
VERNON AVENUE, the most-
SF
visited retail districts in the city
47 NEIGHBORHOOD AND
COMMUNITY CENTERS,
primarily anchored by grocery
stores and pharmacies
High-traffic power centers, like
A wide variety of food and beverage
manufacturing companies have
significant operations throughout
Alexandria, including:
POTOMAC YARD CENTER
Regional shopping mall:
LANDMARK MALL
Alexandria Overview
Alexandria is a nationally recognized destination known
for its historic architecture, vibrant cultural amenities,
and high walkability. Located across from Washington,
DC on the banks of the Potomac River, Alexandria
offers a richly immersive environment with world-class
refinements and historic charm.
Alexandria’s timeline began more than thirteen thousand
years ago with the establishment of the first Native
American settlements. During colonial times, Alexandria
served as a bustling seaport and is part of the original
boundaries of Washington, DC. George Washington is
a native of Alexandria who at fourteen helped to survey
the land that would eventually become Alexandria.
Port City Brewing Company
Cuisine Solutions
Vie de France
Restaurant Depot
M.E. Swing Company
Mom Made Foods
Logan’s Sausage
Coca-Cola
Officially established in 1749, Alexandria continues
to thrive by offering a world-class environment to its
residents, business owners, and workforce.
Alexandria is comprised of eight submarkets including
Old Town, Braddock, Carlyle, Del Ray, Arlandia,
Potomac Yard, Eisenhower Valley, and West End. While
each submarket offers a unique experience Old Town,
the third oldest historic district in the nation, is among
the most well-known and attractive submarkets in the
Washington Metro region. South Patrick Street is just
minutes from the bustling downtown area of Old Town
Alexandria with convenient metro (King St-Old Town
stop) and trolley access. There are over 450 storefront
locations in Old Town Alexandria including 250 retail
offerings and 100 restaurants offering something for
everyone.
In 2012 Alexandria adopted the Waterfront Small
Area Plan which identified distinct areas for mixeduse development along the waterfront. The plan also
added resources to protect and enhance existing
parks and public spaces that reflect Alexandria’s deep
history and enrich the lives of those that live, work, and
play within the city.
Local Business
Alexandria business thrives in part due to the efforts
of the Alexandria Economic Development Partnership.
8
Market Summary
•
•
•
•
•
Braddock Road Metro
King Street-Old Town Metro
Eisenhower Ave Metro
Van Dorn Metro
Coming Soon: Potomac Yard Metro (Visit www.
WMATA.org for more information.)
Buses
• DASH – 10 lines
• Metrobus – 14 lines
Airports
The AEDP commits itself to supporting local business
by creating a pro-development environment in which
local business can thrive. The top five industries in
Alexandria are Professional, Scientific, and Technical
Services; Accommodation, Retail, and Food Services;
Administrative and Support Services; Civic, Professional
and Religious Organizations; and Health Care and Social
Assistance.
There are over 400 associations and non-profits within
Alexandria. Among the many incentives provided by
Alexandria and the state of Virginia, the Industrial
Development Authority (IDA) of Alexandria offers bond
financing opportunities to 501(c)(3) organizations. Top
for-profit, corporate employers by number of employees
include CRS Facility Service, Inova Alexandria Hospital,
Oliff & Berridge PLC, and GSI Inc.
Old Town Alexandria’s local business association is the Old
Town Business and Professional Association (OTBPA). The
association’s purpose is to provide networking, advocacy,
and marketing opportunities for its members. The OTBPA
also promotes a progressive business environment within
Alexandria. OTBPA represents all of the business located
within Old Town east of Alexandria Union Station and inside
the northern to the southern boundaries in the City of
Alexandria. There are currently 102 members of the OTBPA.
Businesses choose Alexandria because of the property tax
climate, transportation options, highly educated workforce,
thriving culture, and active nightlife.
Transportation
Interstate 395 provides immediate access to Washington,
DC. Alexandrians also enjoy transportation options
including four metro stations, 24 bus lines, trains, and
bikeshare. Alexandria is also a very walkable city with
many walk-friendly neighborhoods.
Alexandria Transportation Options:
Metro Stations (Along the Blue & Yellow Lines)
• Distance to Washington Reagan National Airport
(DCA) – 0.9 miles
• Distance to Dulles International Airport (IAD) –
33 miles
• Distance to Baltimore-Washington International
Airport (BWI) – 40 miles
Trains
• VRE /Amtrak Station: 110 Callahan Drive,
Alexandria, VA 22301
• VRE – 2 lines; 15 trains during each rush hour
(Fredericksburg Line : 7 trains in morning/7 trains
in evening; Manassas Line: 8 trains in morning/8
trains in evening)
• Amtrak – 6 lines; 12 to 13 trains/day connecting
Alexandria to D.C., Baltimore, Philadelphia, New York
City, Providence, Boston, Cincinnati, Indianapolis,
Chicago, Raleigh, Charlotte, Charleston, Savannah,
Jacksonville, Atlanta, Birmingham, and New Orleans
• Northeast Regional – 6 trains/day
• Cardinal – 3 trains/week (Sun/Wed/Fri)
• Carolinian – 1 train/day
• Crescent – 1 train/day
• Silver Service - 3 trains/day
• Palmetto – 1 train/day
Bikeshare
Capital Bikeshare has numerous stations in Alexandria,
located at:
•
•
•
•
•
•
•
•
•
Prince St/Union St
King St/N Royal St
King St/S Patrick St
Commerce St/S Fayette St
N Saint Asaph St/Pendleton St
N Henry St/Pendleton St
Braddock Road Metro
King Street – Old Town Metro
More stations to be added soon!
9
Market Summary
Trolley
• The King Street Trolley operates free service
between King St.-Old Town Metro and Potomac
River waterfront seven days a week from
11:30am - 10:15pm, every 15 minutes
Commercial Water Transportation is also available
at the City Marina offering sightseeing cruises of
Washington’s monuments, Alexandria’s Seaport, and
the Mount Vernon Estate.
Water Taxi Destinations include:
•
•
•
•
Georgetown
Mount Vernon
Washington Nationals Stadium
National Harbor/Gaylord National Convention Ctr.
T
Live, Work, Play Environment
Old Town Alexandria offers an unparalleled live-work
environment with numerous visual arts, theater, music,
and historic transactions. There are more than 120 art
galleries and studios located within Alexandria. The
center of the Alexandria art scene is the Torpedo Factory
Art Center that contains three floors of art studios and
galleries. The MetroStage, Little Theatre of Alexandria,
and the Old Town Theater offer annual entertainment
including live music, comedy, magic and dance. Old
Town Alexandria also offers numerous shopping and
dining options. King Street and Mount Vernon Avenue
are the shopping hubs with locally owned shops and
locally operated restaurants. Without a doubt, there is
something for everyone in Alexandria.
10
Floor Plans
1st Floor
BREAK-OUT ROOM
101
MAIL ROOM
103
SEMINAR ROOM
102
CORRIDOR
104
MENS
106
MECH
105
ELEC
112
CORRIDOR
108
WOMENS
107
CORRIDOR
118
JAN
116
CORRIDOR
113
LOUNGE
111
ELEC
119
COPY RM
120
CORRIDOR
117
EXG STAIRS
109
EXG
CLOSET
114
EXG STAIRS
121
EXG STAIRS
115
STORAGE
125
UNISEX
HC TOILET
123
EXG MECH
110
RECEPTION
127
UNISEX
TOILET
124
EXG MECH
122
INFORMATION CENTER
128
KNOWLEDGE EXCHANGE
129
TELE-COMMUTERS
126
Break-out Room
Seminar Room
Knowledge Exchange
Reception Area
11
Floor Plans
2nd Floor
OFFICE
201
OFFICE
202
OFFICE
203
OFFICE
204
OFFICE
205
OFFICE
206
CORRIDOR
209
OFFICE
207
OFFICE
208
CORRIDOR
210
STORAGE
211
CORRIDOR
217
LOUNGE
213
IT ROOM
220
MECH
216
ELEC
214
EXG STAIRS
212
EXG MECH
223
STORAGE
218
CORRIDOR
215
CORRIDOR
219
JAN
227
CORRIDOR
224
ELEC
221
CORRIDOR
228
CORRIDOR
233
EXG STAIRS
226
MENS
229
PRINT RM
225
CORRIDOR
238
STORAGE
231
SM CONF
240
STORAGE
232
EXG MECH
234
OFFICE
243
OFFICE
241
CORRIDOR
236
OFFICE
242
OFFICE
239
OFFICE
235
WOMENS
230
EXG STAIRS
222
OFFICE
237
Hallway/Corridor
Exterior Office
Small Conference
Large Exterior Office
12
Floor Plans
3rd Floor
OFFICE
306
OFFICE
309
OFFICE
303
OFFICE
308
OFFICE
305
OPEN
OFFICE
307
OPEN
OFFICE
310
CORRIDOR
304
CORRIDOR
311
LOUNGE
316
CORRIDOR
312
COPY RM
319
CORRIDOR
313
JAN
341
MECH
321
ELEC
317
ELEC & ROOF
325
UNISEX
TOILET
322
SM CONF
327
CORRIDOR
318
EXG STAIRS
R
314
EXG STAIRS
320
CORRIDOR
324
STORAGE
340
STORAGE
326
EXG STAIRS
328
UNISEX
HC TOILET
323
EXG MECH
315
EXG MECH
329
STORAGE
339
CORRIDOR
334
OFFICE
330
OFFICE
331
OFFICE
337
OFFICE
332
OFFICE
333
OFFICE
335
OFFICE
338
OFFICE
336
Kitchen/Lounge Area
Executive Office/Bathroom
Courtyard View
Fire Exit Stairwell
13
Floor Plans
Basement/Garage
Garage Surface Elevator
Garage Entrance/Exit
Garage Parking Area
Garage Elevator Lobby
14
Listed Exclusively by
Doug Damron
Principal
202.783.3895
[email protected]
Chris Lucey
Vice President
202.783.3894
[email protected]
Cresa Washington DC
1800 M Street, NW
Suite 350 S
Washington, DC 20036