Alexandria, Virginia – Our NNN Commercial Real Estate information is from a grand area, near Washington, D.C., on Northern Virginia. Amstar has sold the 496-room Hilton Alexandria Mark Center to Crow Holdings Realty Partners V LP of Dallas. The Commercial Real Estate sold for $121 million. The Dallas-based Crow Holdings obtained the Hilton Alexandria Mark Center for approximately $243,952 per door, on behalf of its commercial real estate fund. The prestigious Hotel is approximately 5 miles south west of Washington, D.C.
Denver-based commercial real estate manager Amstar and Memphis-based lodging management company Davidson Hotel Co. sold the 30-story hotel. The commercial real estate joint venture (JV) had purchased the property for $93.2 million, or nearly $187,700 per door, approximately 67 months ago. The joint venture had to invest about $9.3 million to renovate the commercial property in 2006. Amstar was able to get Investment Property financing after the cosmetic upgrades and renovations.
This Commercial Real Estate development is a 30-story property that first opened its doors in 1985. This Commercial Real Estate is situated at 5000 Seminary Road. This Investment Property is approximately five miles from Ronald Reagan Washington National Airport. The Commercial Real Estate development benefits from being located at the edge of a 43-acre botanical reserve within the the Mark Center mixed-use development. This Investment Property, known as the Hilton Alexandria features 55,000 square feet of meeting space.
This Commercial Property has a substantial supply of guestrooms, and is prepared to be in great demand for intense growth in this area. Davidson Hotel will continue to manage the hotel, located in the Mark Center mixed-use development. This Commercial Real Estate is located in Alexandria’s West End, and is 6 miles southeast of Arlington National Cemetery. The Investment Property is about 8 miles from DC’s monuments and museums, with complimentary Metro shuttle service.
The strategy of Amstar, with their timing for disposition of the Hilton Alexandria Mark Center was very skilfully timed. As a result of the federal government’s Base Realignment and Closure Act, there are 6,400 employees to set up shop in the area. These People are prepared for when the U.S. Department of Defense (DOD) establishes its Washington Headquarters Services at Mark Center. That Commercial Real Estate Development will be a 1.4 million square-foot, two-building office complex that will sprout up across the street to accommodate businesses relocating due to Base Realignment and Closure Act (BRAC).
Crow Holdings is an investment firm that owns and directs the investments of the Trammell Crow family and its investment partners. Currently, Crow Holdings has a substantial stake in the ownership of various businesses, both commercial real estate and non-real estate related, with a level of involvement in the management of these companies. Crow Holdings involvement ranges from active to passive. Their holdings also include significant, diversified positions in financial investments. While Crow Holdings has grown increasingly active in a variety of diversified investment activities, commercial real estate is their strength. Trammell Crow began a career of commercial real estate development at the end of World War II. Since that time he and his family have had a prominent role as commercial real estate developers and investors in the U.S. and international commercial real estate markets.
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