Marcus & Millichap arranges $14.2m sale in Washington, DC
WASHINGTON, DC — Marcus & Millichap has arranged the sale of 705 Edgewood St. NE, a 72,209 s/f, two-story commercial building in Washington, DC. The asset sold for $14.2 million.
Robert Filley, a senior director of Marcus & Millichap’s National Office and Industrial Properties Group, Josh Feldman, associate vice president investments, and associate Benjamin Wilson, all in Marcus & Millichap’s Washington, DC office, had the listing to market the property on behalf of the seller, 705 Edgewood Associates LLC. The property was purchased by an affiliate of Mosaic Realty Partners.
“The building’s proximity to the Rhode Island Avenue Metro station and the planned redevelopment of the Rhode Island Avenue shopping center, which is on the building’s south border, drove demand for this net-leased asset,” said Filley.
Situated on a 1.48-acre parcel, the building was 65% occupied by the William E. Doar, Jr. Public Charter School for the Performing Arts at the time of the sale. There is 25,374 s/f of additional industrial/flex space available for lease.