W. Kyle Tangney
Greysteel, a national commercial real estate investment services firm, has arranged the sale of 1752 and 1762 Columbia, two mixed-use retail/office properties located in the Adams Morgan neighborhood of Washington, DC for a combined $3.2 million. Greysteel represented the sellers and procured the buyer, Urban Investment Partners (UIP). The buyers plan to continue operating the properties as mixed-use retail and office space.
This transaction was arranged by Greysteel President & CEO, Ari Firoozabadi; Senior Director, W. Kyle Tangney; Director, Rawles M. Wilcox; and Investment Associate, Herbert Schwat; who are all based in the Greysteel’s Washington, D.C. office.
1752 and 1762 Columbia, both built in 1907, are four-story, four-unit mixed-use properties with off-street parking and street frontage just off one of the most well-established, visited and iconic commercial corridors in the District, Adams Morgan’s Columbia Road.
Both properties are excellently situated in the middle of a densely populated four-block commercial strip on Columbia Road, NW. The strip is known for its eclectic mix of restaurants, retail shops, grocery stores, and other distinctive store fronts which draw a diverse and large number of patrons daily. Both commercial and residential spaces in the neighborhood have proven to be in high demand with low vacancy rates and comparatively high rental rates.
Steve Schwat, Principal at UIP, said: “We are excited by all the great things happening along Columbia Road between 16th and 18th Street NW, including the new Ontario Condos, UIP’s renovation of 1620 Fuller Street, the renovation of the Italian Embassy, the new Line Hotel just west of the subject properties, and other significant projects that we expect will change the look and feel of this block.
"Mixed-use assets in Adams Morgan rarely come to market; thus 1752 and 1762 received a great deal of interest from the investment community,” said Mr. Tangney. “With The Line DC hotel delivering in the near future, we expect to see continued development of and interest in this already well-established corridor.”
About Greysteel:
Greysteel is a commercial real estate and capital markets services firm with eight offices located in Phoenix, AZ; Los Angeles, CA; Washington, D.C.; Baltimore, MD; Philadelphia, PA; Dallas, TX; Fort Worth, TX; and Norfolk, VA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.
About UIP:
The UIP family of companies owns and manages more than 3,000 apartments in Washington, DC and Maryland and has renovated, restored and built more than 30 downtown apartment buildings and condominiums over the last ten years. UIP’s primary focus includes “heavy lift” renovations as well as working with tenants in Washington, DC, helping them exercise their TOPA (Tenant Opportunity to Purchase Act) rights. UIP also is active in entitling land, infill development, and acquiring residential assets in the close-in Washington, DC suburbs. UIP’s AUM is approximately $1.0B. For more information, visit www.uipllc.com, www.uippm.com and www.uipgc.com.
