The Feldman Group of Marcus & Millichap announced today the sale of 3109 Georgia Avenue NW for $950,000 in the Park View neighborhood of Washington, D.C. The 4,260-SF office building traded at $223.00 per square foot.
Josh Feldman, First Vice President Investments, and Ryan Smith, Investment Associate, of the Feldman Group brokered the transaction. The sellers were the President and Vice President of Samuel C. Reynolds Co, Inc., one of the longest running minority real estate firms in Washington, D.C. “At the height of their business, Samuel C. Reynolds Co, Inc. managed over seventy real estate agents under their brokerage services division in 2007,” says Feldman. “But with the combination of peak real estate values along with fewer residential real estate agents working in traditional office settings, the Sellers decided to consolidate some of their real estate operations to take advantage of the opportunity to capture that peak pricing for their own asset,” he explains. The buyer plans to lease the property to a retail tenant who is expanding its business.
“There are a multitude of reasons the Park View section along the Georgia Avenue NW corridor attracts investors, developers and small businesses. As it’s situated between four major metro stations – Petworth, Columbia Heights, Shaw and U Street – this market is very accessible to the metro riders who frequent some of the local trendy cafes and eateries,” says Smith. “The population growth and increased housing prices in the bordering Columbia Heights submarket has spilled over into Park View and has triggered countless existing and planned development projects. The range of development projects in Park View include boutique condo buildings to large mixed-use communities such as the one planned at Bruce Monroe Park adjacent to the subject property,” he concludes.
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 1,800 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 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
