Marcus & Millichap brokers sale of 9-property assemblage
WASHINGTON, DC — Marcus & Millichap announced the sale of a nine-parcel assemblage slated to be a hotel development site. The total assemblage sold for $10.5 million which equates to $123 per buildable square foot, a record price in the submarket. The 13,619 s/f site is located at the northwest corner of the intersection of Half Street SW and Q Street SW, which is walking distance to the brand new Audi Field and Nationals Park Christian Barreiro, senior associate and Dennis Cravedi, associate in Marcus & Millichap’s Washington, D.C. office, brokered the sale, which included multiple sellers. The buyer, a partnership between a midwest hotel developer and one of the largest hotel management companies in the D.C. region, is poised to develop a Cambria Hotel and Suites, a Choice Hotels brand. This will be Cambria’s second location in the District of Columbia.