The Feldman Group of Marcus & Millichap announced today the sale of 2101 Queens Chapel Road NE for $5,500,000 in the Langdon neighborhood of Washington, D.C. The 46,151-SF parcel, which is situated at the corner of Queens Chapel and Bladensburg Roads NE traded for $119.17 per square foot of land.
Josh Feldman, First Vice President Investments, and Ryan Smith, Investment Associate, of the Feldman Group brokered the transaction. The seller, Transit Employees Federal Credit Union (TEFCU), has consolidated their operations in the District of Columbia and relocated their administrative offices to Maryland. This comes after the 2017 sale of TEFCU’s branch location at 1114 H St NE, which was also brokered by the Feldman Group of Marcus & Millichap. The buyer of 2101 Queens Chapel Road NE, JSF Bladensburg Road EX, LLC, plans to demolish the existing structure and develop the property.
“The Langdon submarket has historically been a hub for industrial properties, but is currently emerging with new commercial product types due to population growth and development in neighboring submarkets like Ivy City, Woodridge and Fort Lincoln,” says Feldman. “Planned and existing mixed-use communities like New City DC and The Reserves at Dakota Crossing are examples of the revitalization of industrial zoned areas being developed into product that is in high demand in these neighborhoods of Northeast D.C.,” explains Smith. “Ward 5 has the potential to develop into a section of Northeast D.C. which could provide a bevy of commercial product types, which would afford residents the luxury of having everything they need in their backyard,” 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
