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Middle Market Digest: The Mid-Atlantic

WASHINGTON, DC--Deals and news from around the region.

By Erika Morphy | erikamorphy | Updated on August 25, 2017

2104 18th Street NW

NEWS & NOTABLES

BETHESDA, MD–Global Medical REIT has a new CEO: Chairman of the Board of Directors Jeff Busch has taken over the role, effective immediately. The former CEO, David Young, has resigned from his leadership role and from his position as a member of the board of directors. Young will continue as an employee of the company’s external manager until September 19, 2017, after which he will serve as a consultant providing acquisition and business development services for the REIT. “Our Board of Directors determined that a change in leadership offered the best avenue for future success and thus we have made this move,” Busch said in a prepared statement.

DEAL TRACKER

WASHINGTON, DC–2104 18th Street NW, a 2,700-square asset in Adams Morgan, has sold for $1.275 million. The asset was purchased by Foxhall Partners, which plans to reposition it. “The new owners signed the retail tenant to a new 10-year lease, and plan to renovate the two residential units as they roll over,” says Josh Feldman of The Feldman Group of Marcus & Millichap, which listed and sold the property on behalf of the owner. The seller had owned the property for 34 years at the time of the sale, and leased the retail unit to Meeps Vintage Clothing in 2006. The property, on the market for 37 days, generated 6 offers and closed at $35,000 above the list price.

WASHINGTON, DC–The Credit Union National Association will lease 22,000 square feet of office space on the 3rd floor of Skanska’s 99M development, a 234,000-square-foot, office building currently under construction in Washington, DC’s Capitol Riverfront neighborhood. CUNA will move in the spring of 2018. Lincoln Properties represented Skanska and Cresa represented CUNA in this lease.

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