Land and Entitlement Acquisition at Huntington Crossing
In December 2017, we announced the acquisition of 6.32 acres of land at the intersection of Midtown Avenue and Metroview Parkway in Alexandria, Virginia. We purchased the land for $5.625 million and plan to spend another $2 million entitling the land at Huntington Crossing, allowing for a mix of townhomes and a five-story condominium.
Tim Riordan, Acquisitions & Investments Partner, Northpoint Realty Partners, explains that, “Huntington Crossing provided Northpoint with the opportunity to purchase an attractive land investment with excellent demographics adjacent to the Huntington Avenue Metro with outstanding access to I-495, Hoffman Town Center with the new Wegmans and Old Town Alexandria.”
Huntington Crossing is our second transaction with the land seller, the Hoffman Company; we acquired and redeveloped 2461 Eisenhower Avenue in 2015. The entitlements at Huntington Crossing is slated to commence November 2017 and is projected to complete in the fourth quarter of 2019.
“The positive impact that this redevelopment will have for Alexandria is what we find so exciting,” notes Christian Chambers, Managing Partner and Founder, Northpoint Realty Partners. “We are partnering with Urban Engineering, Walsh Colucci and KTGY to create a place where Washingtonians are going to want to live – right in Fairfax County.”
Newmark Knight Frank’s Brendan Owen, Dan Lockard and Mark Anstine represented the Hoffman Company in the transaction, making Huntington Crossing NKF’s fifth asset sold in the Carlyle submarket on behalf of Hoffman. “We were pleased to represent the Hoffman Company in the sale of Huntington Crossing. This acquisition will provide Northpoint a unique opportunity to develop an incredibly located parcel into trophy quality office or residential space in a rapidly developing area,” says Lockard. “This sale is evidence of a greater trend in development along Metro lines in Northern Virginia.” Eagle Bank was the lender and Telford Capital provided investment financing toward the redevelopment.
This was originally shared by the Washington Business Journal on 12/1/17.