Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 5508 7th St. NW, a 8,410-square-foot lot with preliminary plans for 28 residential units and 14 above-grade parking spaces, according to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The asset, which is in the heart of the burgeoning Kennedy Street Corridor, sold for $2,350,000, approximately $88.63 per buildable square foot.
“Kennedy Street finally has real momentum, as evidenced by DDOT’s Kennedy Street Revitalization Plan which took effect in October 2016, the new ANXO Cidery location opening soon, and the number of recent transactions that will bring new apartments, townhouses, and retail to the neighborhood,” senior associate Grant Fitzgerald explains. “People have talked about Kennedy Street’s future for a while but I think it is finally seeing investment into both businesses and property uses that will inevitably lead to organic growth.”
Fitzgerald, along with first vice president Marty Zupancic and associate Matthew Chambers, all of the Washington, D.C. office had the exclusive listing to market the property on behalf of the seller, a private investor and developer in the District. Chambers, who specializes in selling D.C. development properties, notes “the transaction proved that boutique development projects are attracting large, mid-sized and small developers not only to core markets but to emerging neighborhoods as well.” After a marketing process that yielded seven offers, the ultimate buyer was a local developer looking to capitalize on the momentum on Kennedy Street. The team also sold a development site at 423 Kennedy St. NW in 2016.
The property is located just north of 7th and Kennedy Streets NW, around the corner from the popular neighborhood Culture Coffee as well as the planned second location for ANXO Cidery. ANXO is the District’s first licensed winery since the Prohibition era, whose Florida Avenue location is tremendously popular. Sam Fitz, one the owners and cofounders of ANXO says that, “Kennedy Street has a strong community that is welcoming and energized. We've been met warmly and are excited to open ANXO Cidery & Tasting Room this spring. We expect more local businesses will open in the coming years and we are excited to be a part of what we think will be a diverse and unique business corridor.”
“Our team has been at the forefront of a lot of activity on Kennedy Street in recent years and I have seen firsthand how the perception has changed,” Zupancic concludes. “We’ve gotten to know a lot of the major influencers there and the future is very bright on the corridor. We look forward to helping to continue that momentum.”
About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 8,700 transactions in 2015 with a value of approximately $37.8 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
