Transaction marks Northpoint’s third acquisition and redevelopment in Alexandria, Virginia in two years
Northpoint Realty Partners announces today its acquisition of 6.32 acres of land at the intersection of Midtown Avenue and Metroview Parkway in Alexandria, Virginia. Northpoint purchased the land for $5.625 million and plans to spend another $2 million entitling the land at Huntington Crossing, allowing for a mix of townhomes and a five-story condominium.
“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,” states Tim Riordan, Acquisitions & Investments Partner, Northpoint Realty Partners.
Huntington Crossing is Northpoint’s second transaction with the land seller, the Hoffman Company; they 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 4th 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.”
For more information about Northpoint Realty Partners, visit www.northpointrp.com.
About Northpoint Realty Partners
Northpoint Realty Partners is a real estate development, investment and construction firm specializing in land, adaptive reuse, speculative and build-to-suit commercial, residential and industrial projects throughout the mid-Atlantic region. The firm specializes in in full-service management of all project phases, including planning, design, entitlement, construction and turnover. With their fully-integrated, in-house approach to each of these services, their team has the ability to realize even the most challenging and complex real estate visions for our clients.
Collectively, the firm brings over 100 years of industry experience and has successfully capitalized over $4.5 billion and more than 8 million square feet of commercial, residential and mixed-use space. This proven track record, combined with a profound understanding of the markets in which they work, allow them to identify untapped potential, ask unusual questions and envision unexpected solutions. The net result for their clients is the power to capitalize on unique possibilities and convert them into positive opportunities. Regardless of size or scope of project, their commitment remains steadfast: to honor the partnership they forge with clients. With this guiding principle, they are proud to help create timeless spaces and truly exceptional, sustainable results for their clients and their communities. More information can be found online in our video and digital brochure.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.
