The Feldman Group of Marcus & Millichap announced today the sale of 1787 Columbia Road NW for $1,477,500 in the Adams Morgan neighborhood of Washington, D.C. The unrenovated 2,474-SF mixed-use property traded at $597.21 per square foot.
Josh Feldman, First Vice President Investments, and Ian Ruel, Senior Investment Associate, of the Feldman Group brokered the transaction between the seller, a partnership between Sivan Properties and Zusin Development, and the buyer, SPMC Urban. “This is the fifth acquisition for us in the Adams Morgan/Dupont Circle area. We are great believers in the market,” says Scott Spector of SPMC Urban. The buyer has signed a lease with Nicecream for the building’s lower level. This will be Nicecream’s first Washington, D.C. location, with other shops in Clarendon and Old Town Alexandria. The building’s upper levels are to be renovated and converted into residential units.
“This is one of the first in what we believe will be many improvements to the Adams Morgan neighborhood, driven by the opening the Line Hotel across the street. Obviously, any time a buyer comes in to renovate an existing building and makes it more useful to the neighborhood, we see it as a positive for the area as a whole,” says Feldman. “Nicecream should be a welcome addition to the retail make-up of Columbia Road, by both new arrivals and those who have fought to keep Adams Morgan’s eclectic mix of local businesses thriving as the District becomes home to more and more national chains.”
About The Feldman Group of Marcus & Millichap
The Feldman Group of Marcus & Millichap is comprised of First Vice President of Investments Josh Feldman, Senior Investment Associate Ian Ruel, and Investment Associates Ryan Smith, LaMarr Datcher, and Walsh Richards. The Feldman Group specializes in the marketing and sale of urban infill properties including retail, office/industrial and mixed-use product types.
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
