WASHINGTON, DC–The Goldstar Group has sold a small retail property in Capitol Hill for $3.6 million, or $593 per square foot to Douglas Development Corp. The 6,155-square foot property secured a ten-year lease with the restaurant Sanphan Thai Cuisine shortly before the sale, which means this will be a buy-and-hold investment for Douglas Development for the duration.
“There is nothing for the buyer to do regarding that tenant,” says Josh Feldman of The Feldman Group of Marcus & Millichap, who brokered the transaction along with Ian Ruel.
“The buyer purchased the asset for its long-term potential, buoyed by its location which is just feet from Eastern Market metro station and across the street from the Hine School redevelopment project anchored by Trader Joe's,” Feldman adds.
According to Feldman, Douglas Development plans to make some minor improvements to the two vacant residential units before re-leasing them.
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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.
