705 North Carolina Ave., SE
WASHINGTON, DC–Penfed Realty has acquired a 1,088-square foot office building in Eastern Market with plans to redevelop it into a three-story building for its own use.
The building is located at 705 North Carolina Ave., SE, an address that officially puts it in the Capitol Hill submarket. The property sold for $1.39 million, or $1,285 per square foot.
Ian Ruel, Josh Feldman and Benjamin Wilson in Marcus & Millichap's Washington DC's office marketed the property on behalf of the seller, a local developer who purchased the property in 2015. The buyer was represented by Berkshire Hathaway Penfed Realty.
The buyer paid full list price for the building, Feldman tells GlobeSt.com.
Penfeld plans keep the existing façade and will redevelop the property. It has the option of redeveloping it into a 3,600 square foot office taking over space behind the building that is currently used for parking as the seller received full approval for this plan.
The property, which includes a 1,820-square-foot commercially-zoned lot, is also located only two blocks from the Hines School development at the corner of 7th Street and Pennsylvania Avenue SE, set to complete by June 2017.
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.
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.
