Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 1114 H Street NE, a vacant 4,374-square-foot mixed-use property located in Washington, D.C.
“The innovative, artistic H Street is experiencing a wave of game-changing development,” says Josh Feldman, head of the Feldman Group of Marcus & Millichap. “Investors were skeptical about the neighborhood ten years ago but with city investment and local business growth, we are now seeing larger investors look to H Street NE. Some notable developments in the pipeline include, 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 boom of 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.”
Feldman, along with Ian Ruel and Ryan C. Smith, also with the Feldman Group of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, The Transit Employees Federal Credit Union. The Feldman Group of Marcus & Millichap also procured the buyer, Greenhill Companies, who intends to lease the property.
1114 H St. NE was formally occupied by The Transit Employees Federal Credit Union until last year when they relocated the branch. The unique, well-maintained building was historically occupied by similar users, with a credit union build-out including high ceilings and a vault. The 4,374-square-foot building has a rentable sublevel and mezzanine space with preferable zoning for various retail, office or multifamily conversions. The site also features a secured parking area at the rear of the lot.
According to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices, the asset sold for $2,275,000.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
