East Market Street Property Sold, Eyed for Redevelopment

Vaaler Commercial Real Estate announced the sale of 338 E. Market St. to a local investor.  Vaaler represented the seller and Paladin Real Estate represented the buyer.

Principal Broker Rich Vaaler said the 0.72-acre property had been owned by one of his long-time clients for more than 50 years. Constructed in 1976 as a Tastee-Freez, the lot’s commercial building over the years also has housed a bank, a veterinary clinic and, most recently, the Leesburg office of Baldinos Lock and Key.

The property was acquired by Peter and Diana Burnett, who have developed and restored several commercial buildings in downtown Leesburg. They are eyeing the land for redevelopment, with a 12,000-square-foot building expected to be the first constructed on East Market Street under the town’s Crescent Design District Guidelines.

Vaaler sold three local properties during the fourth quarter of 2017, with another closing in Lansdowne later this week. He said his company, founded in 1988, will hire more agents in 2018 to support the increase in business, including commercial real estate sales, leasing, tenant representation, consulting and property management.

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