“Amazon really turned up the heat”

Published June 6, 2019 by Staff Reports

A Northern Virginia property has sold in an eight-figure deal.

Consolidated-Tomoka Land bought for $21.25 million 1000 E. Broad St. in Falls Church, according to KLNB.

Andy Stape, KLNB Retail Investment Sales, Michael Pratt of KLNB Retail Advisory, and Peter Snell of KLNB Single Tenant Net Lease Group represented the seller and procured the buyer.

“Amazon really turned up the heat on Northern Virginia commercial real estate with the announcement of HQ2,” said Stape in a press release. “Buyers are looking for strategic investments with long-term value.”

The seller of the 46,000-square-foot building was East Broad Street LLC. The building sits on 3.087 acres. It is currently occupied by a 24 Hour Fitness, which has been a tenant since 2012.  There are nine years on 24 Hour Fitness’ current lease, which includes rent escalations.

The property is zoned for up to four stories and multiple uses including residential.