The Boat Owners Association of the United States (BoatUS) has sold its headquarters at 880 S. Pickett St. in Alexandria, Virginia, for $13.7 million to Public Storage. The 92,000-square-foot flex/industrial building will be among the first to be redeveloped as part of Alexandria’s plan to overhaul the Eisenhower West district. BoatUS, a Geico company, has signed an approximately 63,000 sqf build to suit lease on Port Royal Road in Springfield, Virginia, and will vacate the property in mid-2018. Transwestern’s Caulley Deringer, Steve Cloud and Wilson West represented the seller, Indian Creek Company LP, in the transaction.
The building sits on 7.3 acres in an area that qualifies for Alexandria’s Eisenhower West Small Area Plan,” said Deringer. “The plan provides guidelines for development, with an urban design framework intended to connect parcels into a higher-density, green, sustainable environment for a work/live/play atmosphere. With the increased density, the buyer will provide much needed self-storage space to a constrained market.”
