Restaurant Space Sells for $1,169 Per SF | Lingerfelt Expands VA Footprint

1132 19th St., NW

WASHINGTON, DC—1132 19th St., NW, the erstwhile home of 70 years of Famous Luigi’s, has traded or $6.4 million, or $1,168 per square foot. The property was listed by Calkain Urban Investment Advisors’ Rick Fernandez and Andrew Fallon earlier this year in March, at an asking price of $6.5 million. The property is a single-use, multi-level restaurant that was leased last year to Bonfire, a new restaurant by Provision 14′s Social Restaurant Group. Bonfire opened several weeks ago. The 15-year lease has structured rent increases of 3% a year.

Towne Place at Greenbrier

GREENBRIER, VA—Lingerfelt CommonWealth Realty Partners has acquired Towne Place at Greenbrier, for $15.5 million. The 76, 827-square foot retail center is 94.7% leased. Tenants at Towne Place at Greenbrier, which was built in 2007, include Taste Unlimited, Jason’s Deli, Chico’s, Sola Salon, Jos. A. Bank, Moe’s Southwest Grill, and Surf Rider Restaurant. The Greenbrier retail submarket’s vacancy rate is only 2%, according to Ken Strickler of Lingerfelt CommonWealth Partners. In June 2015, Lingerfelt CommonWealth acquired a 1.3 million square foot office portfolio in Hampton Roads, including 5 class A office buildings in the Greenbrier submarket in Liberty Executive Park. These are immediately adjacent to the Towne Place retail center. “We are also excited about the possibilities to further integrate our office buildings with the Towne Place retail center,” Strickler said in a prepared statement.

3100 Clarendon Blvd.

CLARENDON, VA—Piedmont Office Realty Trust has leased 40,000 square feet to MakeOffices, a co-working provider, at  3100 Clarendon Blvd.   It will open on June 1. MakeOffices’ Clarendon coworking community features 135 offices and 454 desks, 10 call rooms, eight conference rooms, two wellness rooms, a relaxation room, and five audiovisual booths. There is also a large communal area with a kitchen and event space. Nate Krill of Avison Young represents MakeOffices in its Washington, DC-area and national lease transactions.