700 South Washington Street
Alexandria, VA
ACQUIRED
October 2019
SQUARE FOOTAGE
62,544
TYPE OF BUILDING
Retail, Office
Located in Old Town Alexandria, a historical district of Virginia, and just minutes outside of Washington, DC, Cambridge Hanover purchased this mixed-use retail and office building in 2019 when it was 89% leased. The property is anchored by Balducci’s, a specialty gourmet food retailer, which was recently purchased by Albertsons/Acme Markets, a supermarket chain with over 2,000 stores across the United States. Other tenants include John Marshall Bank, Virginia Hospital Center, and Safran. Prior to purchase, the property was suffering from a lack of focus and attention on the ownership, leasing, and management fronts. Cambridge Hanover is currently implementing its repositioning plan by partnering with Lincoln Property Company, Avison Young, and The Garrett Group in order to offer professional property management to tenants and complete select improvements to the property to best position the remaining vacant space to meet market demand. Cambridge Hanover recently expanded and extended the lease of Virginia Hospital Center, which is leasing the entire third floor of the property on a long-term basis, increasing the building’s occupancy to 98%.
