WASHINGTON, DC-PRI Inc. has sold an office building spanning 47,569 square feet at 1718 Connecticut Ave. NW for a price of $14.4 million or roughly $303 per square foot. The buyer is a group headed by Dave Schaeffer, CEO of Cogent Communications Group Inc. The sale is a part of a proposed 1031 exchange for a 100% leased warehouse situated in Hagerstown, Maryland. Schaeffer's group will undertake approximately $4.5 million of current debt on the building.
McBride Real Estate Services Inc. brokered the sale. For the full story, go to Washington Business Journal .
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
