Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a nine-parcel assemblage slated to be a hotel development site.
The total assemblage sold for $10,500,000 which equates to $123 per buildable square foot, a record price in the submarket. The 13,619 square foot site is located at the northwest corner of the intersection of Half Street SW and Q Street SW, which is walking distance to the brand new Audi Field and Nationals Park
Christian Barreiro, senior associate and Dennis Cravedi, associate in Marcus & Millichap’s Washington, D.C. office, brokered the sale, which included multiple sellers.
The buyer, a partnership between a midwest hotel developer and one of the largest hotel management companies in the D.C. region, is poised to develop a Cambria Hotel and Suites, a Choice Hotels brand. This will be Cambria’s second location in the District of Columbia.
“With the proximity to two major sports stadiums, we are confident that this hotel will become a tremendous addition to the blossoming Buzzard Point submarket. Christian and I have not only been excited to facilitate the assemblage process, but also to work with an experienced hotel development team to make the opportunity a reality” stated Cravedi.
Marty Zupancic, first vice president investments, Josh Feldman, first vice president investments and Ian Ruel, senior associate in Marcus & Millichap’s Washington, D.C. office also assisted in this transaction. “With the massive amount of current and proposed development in the area, as well as Buzzard Point recently being designated as an Opportunity Zone, we see this as just the beginning for the neighborhood” said Ruel.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
