SPMC Urban Properties, LLC, a commercial real estate company specializing in acquiring, leasing and developing urban infill buildings, is pleased to announce its acquisition of 2467 18th Street, N.W., Washington D.C. The 5,400 square foot building is perfectly situated in the heart of Adams Morgan, both a tourist and nightlife destination. 2467 18th Street is a multi-use 3-story building, including an existing bookstore, Idle Time Books, on the first floor, second floor and lower level. Additionally, the building includes a one-bedroom apartment on the third floor. The mixed-use building is located at the prime location of 18th St. and Columbia Rd.

Valerie Morgan, the owner and operator of Idle Time Books, will also be selling the bookstore business housed in 2467 18th Street to SPMC’s Principal, Scott Spector. Idle Time Books has been a staple in the Adams Morgan neighborhood for over 35 years. Idle Times will be reopened as Lost City Bookstore, a neighborhood bookstore selling new and used books, as well as offering a range of events with authors, speakers, and other topical discussions to create a community bookstore environment. Mr. Spector, quoted in a recent Washington Post feature, stated, “Philosophically, I love independent bookstores. If we can preserve a bookstore in Adams Morgan, it would be good for the neighborhood.”

2467 18th Street joins the list of recent acquisitions by SPMC Urban Properties as part of its ongoing strategy to purchase high quality assets in vibrant and growing areas of Washington, D.C. This list includes 1787 Columbia Road, a mixed-use redevelopment with Nicecream, a neighborhood ice cream store with 4 locations in the D.C. area on the first floor, and 2429 18th Street, a mixed-use building anchored by Los Cuates, a Mexican restaurant with 4 other locations in the D.C. area.