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Triple-Net Leased Urban Retail Assets in DC Find Ready Takers
SRS Real Estate Partners has brokered the sales of two Washington, DC urban retail assets for a collective $9.2 million.
Andrew Fallon and Rick Fernandez of SRS represented the sellers on each transaction.
“These assets had a significant amount of investor interest and multiple offers, and the sales are more positive indicators of the post-pandemic urban retail recovery as well as the resiliency of core real estate in the DC area,” said Fernandez.
“Lately, capital has been flowing back to value-add and stabilized urban assets with improving intrinsic values, as downtown DC is rapidly recovering with demand resulting in rent growth in key markets like Georgetown and Adams Morgan,” added Fallon.
- 2321 18th Street NW sold for $3.5 million. Built in 1910 and renovated in 2020, the 4,500-square-foot asset sold for $875 per square foot and is situated on a .04-acre site. The property is fully occupied by Ironworks, LLC, which operates three Asian food concepts and has more than 10 years remaining on its triple-net lease.
- 1519 Wisconsin Ave NW, Washington DC sold for $5.7 million/$1,050 per square foot. The property is fully occupied by a salon, nail parlor and smartphone/tablet repair shop who are all on triple-net leases.
Photo, l-r: 2321 18th Street, 1519 Wisconsin Avenue
- ◦Sale/Acquisition
