WASHINGTON, DC-A CVS in the heart of Adams Morgan has traded for $14.5 million—or an eye-popping $1,154 per square foot. That is among the best retail trades in the District, Jonathan Hipp, CEO of Calkain Cos., which brokered the transaction, tells GlobeSt.com. The buyer was a 1031 exchange investor from Florida and the seller was a local group. Calkain represented both sides of the transaction, with Rick Fernandez, managing director of Calkain Urban Investment Advisors, repping the seller and Calkain managing director Jerry Burg representing the buyer.

Located at 1755 Columbia Rd., the CVS is a fixture in this bustling neighborhood, and its long lease at the address and investment-grade status accounted in large part for the high price point, Hipp says. That plus “a generational, irreplaceable real estate location,” he says. “That is what investors are looking for.” It last traded about 18 months ago, also brokered then by Calkain. At that time, the price it traded for was another eye-popper, Hipp says. “That's a very valuable investment.”

The purchaser was seeking a stable income and tapped Burg to identify $35 million worth of investment properties. It liked this asset not only for the tenant and location but because the building itself is highly adaptable. The seller received multiple offers from across the country. The transaction closed about 10 days ago.