Spy Rock Real Estate buys property in Scott’s Addition for $7.7 million
Spy Rock Real Estate Group has purchased the 86,607-square-foot, Dori Foods Building in Scotts Addition for $7.7 million, or about $89 per square foot.
The class A industrial property at 3410 Norfolk St. has a long-term lease with Dori Foods Inc., a food distribution company in the Mid-Atlantic.
“This is an excellent opportunity for us to acquire a property 100% leased to a very strong and recession-resistant tenant in Dori Foods, and to make another long-term investment in Scott’s Addition,” Taylor Williams, principal, Spy Rock Real Estate Group, said in a statement. “This asset is expected to generate strong, stable cash flows and also provides diversification of product types within our portfolio.”
Originally constructed in 2004, the building drew many offers according to Eric Robison, senior vice president of Cushman & Wakefield | Thalhimer’s Capital Markets Group, which represented the seller. “The strength of Dori Foods, coupled with the significant momentum in Scott’s Addition made this a highly sought after investment.”