|The Lee Building is on the corner of Leesburg Pike and Washington Drive across the street from a vacant lot where Spectrum plans to develop a retail center.|
The buyer, Fitzgerald Lewis, listed as Daff LLC, plans to operate the building as an investment property and does not intend to redevelop the site, said Terrell Marsh, an executive vice president at Stewart Commercial Realty Services LLC, which served as the broker for the sale.
|The lobby of the Lee Building, with a travel agency at the right.|
The Lee Building is just under 27,600 square feet and its assessed value is $2.32 million, according to Fairfax County tax records. It was built in 1966, and its tenants include Rendezvous Travel & Tour, Computer CORE, IMA English Academy, and several doctors, dentists, lawyers, insurance agents, and other businesses.
The building’s vacancy rate is about 22 percent, which “is actually good for that area,” said Marsh. The average office building vacancy rate in Bailey’s Crossroads is nearly 47 percent, according to a 2015 report by the Fairfax County Economic Development Authority. Lewis owns a couple of other office buildings in the Bailey’s Crossroads area that are nearly fully occupied, he said.
Marsh is confident Lewis will operate the building as a rental property. “There’s no redevelopment play I’m aware of,” he said. “One of the problems is that it sits on such a small parcel.” The total property is about 29,800 square feet.
A representative of Lewis said the building will probably be upgraded, with improvements to the lobby, windows, HVAC system, and other areas.