WASHINGTON, DC–A vacant credit union on H Street has sold to a local company that is known for the restaurants it owns and operates in Bethesda, Md.
The 4,374-square foot property at 1114 H St., NE, traded for $2.275 million and its sale was brokered by the Feldman Group of Marcus & Millichap.
The buyer was the Greenhill Cos. Josh Feldman, Ian Ruel and Ryan C. Smith marketed the property on behalf of the seller, The Transit Employees Federal Credit Union.
The list price was $2.3 million, Feldman tells GlobeSt.com. “There was a back-and-forth between the buyer and seller and it settled at $2.275 million.” It is a good price given that the building needs to be gutted, he says. “That is a credit union build out with a vault and teller stands. It won't work for any other type of client.”
H Street Construction Boom
So is Greenhill going to develop a restaurant at the site? GlobeSt.com was unable to reach Greenhill in time for publication but it wouldn't be a crazy bet to assume that it was.
H Street is experiencing a wave of development, such as the H Street Connection Shopping Center's redevelopment with over 400 residential units and 44,000 square feet of retail on the 900 block, the construction on the 600 block including the new Whole Foods, and the Douglas Development 26-unit mixed-use project planned for an August delivery on the 500 block of H Street NE.
And Greenhill has developed many restaurant tenant relationships over the years. To be sure the company has other asset types but restaurants have become its wheelhouse.
WASHINGTON, DC–A vacant credit union on H Street has sold to a local company that is known for the restaurants it owns and operates in Bethesda, Md.
The 4,374-square foot property at 1114 H St., NE, traded for $2.275 million and its sale was brokered by the Feldman Group of Marcus & Millichap.
The buyer was the Greenhill Cos. Josh Feldman, Ian Ruel and Ryan C. Smith marketed the property on behalf of the seller, The Transit Employees Federal Credit Union.
The list price was $2.3 million, Feldman tells GlobeSt.com. “There was a back-and-forth between the buyer and seller and it settled at $2.275 million.” It is a good price given that the building needs to be gutted, he says. “That is a credit union build out with a vault and teller stands. It won't work for any other type of client.”
H Street Construction Boom
So is Greenhill going to develop a restaurant at the site? GlobeSt.com was unable to reach Greenhill in time for publication but it wouldn't be a crazy bet to assume that it was.
H Street is experiencing a wave of development, such as the H Street Connection Shopping Center's redevelopment with over 400 residential units and 44,000 square feet of retail on the 900 block, the construction on the 600 block including the new Whole Foods, and the Douglas Development 26-unit mixed-use project planned for an August delivery on the 500 block of H Street NE.
And Greenhill has developed many restaurant tenant relationships over the years. To be sure the company has other asset types but restaurants have become its wheelhouse.
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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.
