Cresa’s Gene Sachs, Jonathan Harms, and Natalie Gosnell successfully represented America’s Credit Unions (ACU) in the sale of the Portsmouth Building. The 30,000-square-foot vacant office property is located at 3138 10th St. N in Arlington, Virginia.
The buyer of the property was BRB Development Group who paid approximately $200 per square foot for it. They plan to demolish the building and construct a self-storage facility on site.
This sale comes after ACU merged with National Association of Federally-Insured Credit Unions to form ACU and consolidated their offices at CUNA’s modern space at 99 M St. SE in Washington D.C.’s Navy Yard submarket.
According to Sachs, a managing principal with Cresa’s Washington D.C. office: “This transaction presented an excellent opportunity for us to sell off our former NAFCU headquarters – an outdated property situated in a rapidly growing submarket – to a buyer looking for prime real estate.”
