A joint venture between certain funds managed by Westport Capital Partners LLC and certain affiliates of Galaxy Investments, LLC is pleased to announce that it has acquired Tavern Square, a 171,008 mixed-use project in Old Town Alexandria, Virginia. Terms of the transaction were not disclosed.
Developed in 1967, the property has 130,000 square feet of office space, 41,008 square feet of ground floor retail space and a 326-spot parking garage. The property is situated at the premier intersection of King Street and Royal Street. The project benefits from prominent exposure by virtue of its full block presence along King St. Tenants benefit from the property’s proximity to the Potomac River and the redeveloped Old Town Waterfront, the King Street Metro station, a plethora of charming restaurants and trendy storefronts, as well as City Hall, and the Alexandria General District and Circuit Courts.
The joint venture plans to revitalize the property through a modernization program of the lobbies, common areas and building exterior. In addition, the joint venture plans to add select amenities for tenants and is developing plans to re-activate the property’s central courtyard. Cambridge has been retained to manage, lease and provide construction services for the property.
According to Andrew J. Czekaj, III, Executive Vice President of Cambridge, “The acquisition of Tavern Square represents another successful ’value-add’ investment structured by Cambridge. We intend to lease-up the remaining vacancy in the mixed-use property through a thoughtful reposition and rebranding program. The opportunity to acquire almost an entire city block on King Street and have an unbeatable walkable amenity base for future tenants was highly appealing.”
“We are pleased to partner again with Westport Capital Partners with this investment in Tavern Square,” Randy S. Jaegle, CEO of Galaxy Investments LLC. “We will continue seeking investment opportunities in the greater DC Metro area to further our long-lasting relationship.”
“Cambridge looks forward to working with the new owners on the project and look forward to our return to Old Town Alexandria” says Benjamin R. Eldridge, Jr., Executive Vice President of Cambridge.
“We are pleased to expand the working relationship with Cambridge through the Tavern Square property acquisition,” said Russel Bernard, Managing Principal, Westport Capital Partners LLC.
“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,” said Noam Sheps, Senior Vice President, Westport Capital Partners LLC.
Gerry Trainor of Transwestern represented Tavern Square, LLC, the seller of Tavern Square.
About Cambridge
Cambridge provides real estate services to institutions, investment partnerships and individual owners to comprehensively and effectively address the challenges inherent in the commercial real estate market. Cambridge integrates the functions necessary to meet the challenges of the dynamic real estate environment. Since 1983, Cambridge and its subsidiaries have successfully developed over 6.4 million square feet and structured the acquisition and/or disposition of in excess of 20.7 million square feet of commercial real estate as well as 390 acres of land with a total value exceeding $6.4 billion. In addition, Cambridge has been instrumental in the restructure of approximately $1.5 billion of CMBS and institutional debt on behalf of clients and partners. The firm also provides property management, leasing and construction management services to approximately 5 million square feet of office, R&D and industrial space. www.cambridgeus.com
About Westport Capital Partners LLC
Westport Capital Partners LLC is a real estate investment firm which provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California; Wilton, Connecticut; Bozeman, Montana; and London, England. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.
