A 8,137-sf building located at 3433-35 Connecticut Ave., Club Soda was originally developed in the 1930s, and is now fully leased to several long standing tenants. These include a restaurant, a tax preparation firm, SunTrust Bank and a neighborhood pub and sports bar.
Rob Meeks, a principal with Next Realty negotiated the acquisition. The seller was self represented. Michael Trauberman, managing director of Spence Hill Associates, negotiated the acquisition financing through Countrywide Commercial Real Estate Finance.
Meeks tells GlobeSt.com that the company's strategy for the building is to hold it for a very long period of time. "This is a core asset and not something we would sell before, say, 20 years I would think." Next Realty owns a fair amount of real estate in the Washington metro area, but this is the first trade the company has made in the District itself, Meeks says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
