WASHINGTON, DC — Marcus & Millichap announced the sale of 1301 Good Hope Rd. SE, a 8,173 s/f mixed-use property located in the Historical Anacostia neighborhood of Washington, DC, according to Bryn Merrey, regional manager of the firm’s local. office. The property sold for $1.2 million, or approximately $146.82 psf.
Ian Ruel, investment specialist, and 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, a local family who has owned the property for 32 years. Ruel and Feldman also secured the buyer, a prominent developer with an expanding footprint in the area.
“This was a very difficult transaction in which we had to overcome major environmental concerns and a lack of cash flow,” Ruel said. “However, due to the Anacostia submarket and Marcus & Millichap’s marketing platform, we were able to get a response that satisfied our client.”
1301 Good Hope Rd. SE is located one block from the intersection of Good Hope Rd. and Martin Luther King Jr. Ave., a hub of development in Historical Anacostia neighborhood and less than one mile from the Anacostia metro station. Neighboring properties include the DC Department of Housing and Community Development (DHCD) as well as the future Busboys and Poets, planned for 2016.
‘This transaction serves as evidence of the strength of the market today, especially east of the river,” Feldman concluded. “With Busboys and Poets coming in 2016 and additional proposed developments, the area is seeing an unprecedented influx of capital.”