Woodruff Building changes hands for $775k

The Woodruff Building netted $775,000 in a sale that closed recently, according to this Jan. 22 report (now behind a subscription pay wall) on GlobeSt.com.

The two-story, mixed-used building on the corner of Irving and Lewis streets hit the market last fall with an asking price of $799,000. The previous owner paid $800,000 in September 2007, according to property records.

There are two retail units and one residential unit on the first floor and 11 office suites on the second floor, with almost 8,500 square feet in all. Assessed at about 300,000 the building at 1439 Irving St. (Block 317, Lot 11), pays more than $15,000 in property taxes. It was built in 1920.

Sales associate Ted Brown of Woodbridge-based The Kislak Company represented the seller, who provided financing, and vice president Robert Squires represented the purchaser, both Kislak clients. “Rob and I were able to put this deal together in one week and close it in less than two months,” Brown tells GlobeSt.com, adding that the investor “was coming off of a 1031 exchange and needed to close within 60 days.” Squires adds that the buyer was able to pay all cash, according to the report.

No word from Kislak on who’s the buyer.