Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 705 North Carolina Ave. SE, a 1,088-square-foot office building located in Washington, D.C., according to Bryn D. Merrey, division manager of the firm’s Mid-Atlantic and Southeastern offices. The asset sold for $1,399,000, which represents $1,285 per square foot of building.
Ian Ruel, Josh Feldman and Benjamin Wilson, investment specialists in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a local developer who purchased the property in 2015. The buyer, represented by Berkshire Hathaway Penfed Realty, plans to develop the property into a three-level office for their own use. While the buyer plans keep the existing façade, the development has been fully approved for 3,600 square feet, including development behind the building where there is currently parking.
705 North Carolina Ave SE is located in the Eastern Market neighborhood of Capitol Hill, less than one block from the popular Eastern Market which featured local vendors both inside and outside of the market. The property, which includes a 1,820-square-foot commercially-zoned lot, is also located only two blocks from the Hines School development at the corner of 7th Street and Pennsylvania Avenue SE, set to complete by June 2017.
“The sale of 705 North Carolina Avenue SE speaks to the strong appeal of the Capitol Hill submarket,” Ruel explained. “Buyers, especially owner-operators, will pay a premium for well-located real estate. With the numerous surrounding development projects and the property’s proximity to Eastern Market and the metro, the location is irreplaceable and will be a great place for the purchaser to operate their business”.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
