Marcus & Millichap announces $3,237,500 sale of 5,440 s/f retail property in H Street corridor
WASHINGTON, DC — Marcus & Millichap announced the sale of 1301 H St. NE, a 5,440 s/f retail property, according to Bryn Merrey, regional manager of the firm’s Washington, DC office. The property, formerly St. John’s Church of God, sold for $3.237 million approximately a year and a half after it sold for $2.2 million. Josh Feldman, associate vice president investments, and Ben Wilson, investment specialist, of the Feldman Group of Marcus & Millichap’s Washington, DC office, represented the seller, a group of attorneys who acquired the 1301 H St. NE in 2013 with the original intent of leasing the property. Feldman and Wilson also procured the buyer. After acquiring, the buyer plans to raise the property and redevelop as a four story mixed-use condominium building with ground floor retail space.
“This transaction is evidence of the redevelopment happening the past few years in the H Street Corridor,” Feldman said. “We were able to achieve a sale price almost 50% higher than the price paid in 2013, which wasn’t surprising to us given recent developments on the 600 and 900 block. We were pleased to see that developers realized the potential of the area between the H St. Connection Shopping Center and Benning Road.”
In other news...Marcus & Millichap announced the sale of 2810-2820 Bladensburg Rd. NE, a 24,545 s/f industrial property located in the Northeast quadrant of Washington, DC, according to Merrey. The four lot asset sold for $3.5 million, half of a million dollars over the seller’s original strike price of $3 million. The $3.5 million price tag represents $142.60 psf. Josh Feldman and Ian Ruel, investment specialist, of the Feldman Group in Marcus & Millichap’s Washington, DC office had the listing to market the property on behalf of the seller. Feldman and Ruel also secured the buyer, an investor in local industrial properties, who hopes to stabilize the property and improve tenancy.The lot, which includes three buildings, is located at the northeast corner of Bladensburg Rd. and Yost Place in the Woodridge neighborhood of Northeast Washington, DC.“We feel that this was a win for both buyer and seller,” Ruel concluded. “The seller achieved an above market price and the buyer secured a property that fulfilled a specific need.”
COLLEGE PARK, MD — Marcus & Millichap announced the sale of an IHOP, an over 5,000 s/f net-leased restaurant located in College Park. The asset sold for $2.424 million, $58,000 over list price.Chris Holland, an investment specialist in Marcus & Millichap’s Washington, DC office, had the listing to market the property on behalf of the seller. The buyer, a local investor, was represented by Dean Zang, senior vice presidents investments in Marcus & Millichap’s Washington, DC office and Mark Taylor, senior vice president in the firm’s Philadelphia, office. “This property is a prime example of the wide spread exposure that the Marcus & Millichap platform provides to the owners of these types of assets,” Holland continued. “The combination of the notoriety of the property, our local market expertise, and the collaboration of other brokers across the country, we were able to find the best buyer and hit an impressive cap rate.”