WASHINGTON, DC-DC's Chinatown market continues to post a steady supply of trades, illustrating the growing interest in this tiny part of the city. The newest trade is the sale of 740 6th St., NW, a 12,130-square foot mixed use property.
Marcus & Millichap Real Estate Investment Services' Stacey Milam and Peggy Brooks Smith marketed the property on behalf of the seller, a family partnership that has owned the property since the early 1900's. The buyer is a developer, and was secured and represented by Brooks Smith and Milam.
The building has nine rental units consisting of restaurants on the first and part of the second floors and office tenants on the balance of the second and upper floors. It is located on the same block as the Verizon Center with entrances to 2 Metro stops.
Chinatown has become quite active in recent years, spurred in part by the development of the CityCenter a few blocks away. Earlier this year Clarion Partners acquired The Portrait Building, paying $98.5 million for the 134,240-square foot office building, as one example.
That Portrait Building trade, though, is more the rule than t the exception for Chinatown properties. More typical are such transactions as Douglas Development's acquisition a mixed used office/retail building located at 700 5th Street NW. Wingate & Ginsburgh was the seller of the 8,411-square foot, four-story building and is also a tenant, occupying the second through fourth floors.
In another transaction, more in line with Douglas Development's trade, Rock Creek Property Group acquired two buildings in the submarket totaling 31,000 square feet. The $5.9 million transaction was structured as a sale leaseback to allow the owner, Gospel Rescue Ministries, which runs a homeless shelter, to transition to its other facilities in the city.
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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.
