The Feldman Group of Marcus & Millichap, in collaboration with the Webb Group of Marcus & Millichap, announced today the sale of 1400 Montana Avenue NE for $5,850,000 in the Brookland/Langdon neighborhoods of Washington, D.C. The 38,926-SF parcel traded for $150.29 per square foot of land and is situated at the corner of Montana Avenue NE and Rhode Island Avenue NE.
Josh Feldman, First Vice President Investments, and Ryan C. Smith, Investment Associate, of the Feldman Group and Cameron Webb, Vice President Investments, of the Webb Group partnered to broker the transaction. The sellers, Historic Berean Baptist Church, owned the property for nearly two decades and plan to relocate to another part of the city. “Over the last few years, the Sellers have been closely following market trends in and around the neighborhood through their relationship with Marcus & Millichap,” explains Feldman. “With many planned and existing development projects less than a mile away at the Brentwood/Rhode Island Avenue Metro station, the organization decided now was the best time for them to take advantage of the robust demand for sites like theirs.”
“Demand for property in the Ward 5 section is at a historical high. In recent years the city has witnessed unprecedented development in neighborhoods such as Eckington, Fort Lincoln, NoMa, and Union Market. The Brookland/Langdon submarket has not escaped the appetite of investors and developers who realize the high market demand for housing and retail accommodations in Northeast which were historically dominated by neighborhoods in the Northwest part of the city,” says Smith. “National and regional developers such as Douglas Development, MRP, Mid-City, JBG Smith, Boundary Companies, and Trammell Crow are major stakeholders in these markets. With existing and planned developments near the Brookland/Langdon area, these stakeholders are working to add value to the current and future communities in this submarket,” he concludes.
About The Feldman Group of Marcus & Millichap
The Feldman Group of Marcus & Millichap specializes in the marketing and sale of urban infill properties including retail, office/industrial, and mixed-use product types. The Feldman Group is comprised of First Vice President of Investments Josh Feldman, Senior Investment Associate Ian Ruel, and Investment Associates Ryan Smith, LaMarr Datcher, and Walsh Richards.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 8,900 transactions in 2017 with a value of approximately $42.2 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
