Capitol Lounge Building Sold in DC

The Capitol Lounge building located at 229 Pennsylvania Avenue in Washington, D.C., has been sold by the NorthMarq investment sales team of Jim Karnack, Jerry Burg and Matt Clinebell, the company said today. The building (pictured) contains 8,780 square feet of space on three floors and a lower level. Two office tenants occupy the upstairs portion of the property.The NorthMarq team worked on the deal with Roy Hill of Marcus & Millichap, who was marketing the building for sale. The Washington, D.C., office of NorthMarq sourced the buyer and structured the complex transaction, which included a sale-leaseback, master lease and credit enhancement. The buyer completed a 1031 exchange with the purchase.