NoVa Mixed-Use Changes Hands
- Jun 19, 2018
A joint venture of Westport Capital and Galaxy Investments has acquired Tavern Square, a 171,008-square-foot mixed-use development in Old Town Alexandria, Va., from Tavern Square LLC. Transwestern Executive Vice President Gerry Trainor represented the seller in the deal.
Located at 421 King St., Tavern Square consists of 130,000 square feet of office space, 41,008 square feet of ground-floor retail and a 326-spot parking garage. Reports have flirted around for months that the building could be the home of the region’s first Taco Bell Cantina, but no details about that have been released.
What was made known is the new owners plan to revitalize the property through a modernization program, which will include upgrading the lobby, common areas and building exterior. There also are plans for the addition of select amenities for tenants and the reactivation of the property’s central courtyard.
“Ownership has inventive plans for reinvigorating the interior plaza and when combined with the other renovation and repositioning initiatives, it is expected to create a sense of vibrancy more fitting of a centrally located property in Old Town,” Noam Sheps, Westport Capital Partners’ senior vice president, said in a prepared statement.
Taking charge of the property
With the new owners in place, Cambridge will manage, lease and provide construction services for Tavern Square.
“We intend to lease-up the remaining vacancy in the mixed-use property through a thoughtful reposition and rebranding program,” Andrew Czekaj, III, Cambridge executive vice president, said in prepared remarks.
Built in 1967, the property benefits from prominent exposure thanks to its full block presence along the popular King Street. The asset is near the Potomac River and the redeveloped Old Town Waterfront, the King Street Metro station and numerous restaurants and trendy storefronts.
In April, Westport Capital Partners acquired Redstone Corporate Center I and II, situated north of downtown Seattle, for $70.8 million. Westport Capital Partners and Galaxy Investments have been joint-venture partners before around the D.C. metro area and enjoy a long-lasting relationship.
Image courtesy of Yardi Matrix