Marcus & Millichap arranges $1.8m sale of bar/restaurant
WASHINGTON, DC — Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 2440 18th St. NW, formerly owned and operated by Millie & Al’s bar and restaurant according to Bryn Merrey, first vice president and district manager of the firm’s Mid-Atlantic offices. The 2,562 s/f retail property sold for $1.8 million. This represents the property’s full list price and $703 psf.
Josh Feldman, associate vice president investments in Marcus & Millichap’s Washington, DC office, had the listing to market the property on behalf of the seller, Barbra Shapiro, the longtime owner and operator of the Adams Morgan establishment. The buyer, a private investor, is currently in negotiations with multiple strong local and national tenants who have expressed significant interest in entering the Adams Morgan submarket.
Millie & Al’s, which has been operating in Adams Morgan since 1963, was listed for sale on December 18th, 2015, announced it’s closing on March 23rd, 2016 and closed its doors April 8th. The retail destination was under contract in just over one month, on January 30th. The property, which is located at 2440 18th St. NW, is zoned C-2-B and has a total developmental potential of up to 9,517 s/f. “This closing is an example of a trend happening across all of DC where long-time owner-operators are deciding to close their doors and capitalize on the strength of the current real estate market,” Feldman said. “Because the percentage of owner-operators in the district is historically much higher than most urban areas and national retailer interest in the area has increased dramatically, this trend does not seem to be slowing any time soon.”