WASHINGTON, DC–Speaking of investment sales in the District, a source has told GlobeSt.com that CIM Group is selling 370 L'Enfant Promenade for $125 million, or $316 per square foot.
The buyer is a JV between two companies including one that is locally-based, according to the source. Records show that the last time the property traded was in Dec 2005 for $178 million. The 396,058-square foot, ten-story office was built in 1987 and currently is 69% occupied.
A request for comment to CIM Group was not immediately returned in time for publication. We will update this story when we learn more.
CIM Group has made a number of acquisitions lately. Last month it bought six parcels totaling 2.16 acres in Boston's Fenway neighborhood. In May it picked up two newly-constructed mixed-use buildings in Chicago. It also acquired a half-acre development site next to Lincoln Park in Chicago.
One sale it made was in Boulder, Colo., in April — a newly-constructed, 138-unit apartment community next to the University of Colorado.
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.
