DC-Area Office Mid-Rise Trades for $36M
- Sep 21, 2018
The Chevy Chase Land Co. sold a 69,601-square-foot office building in downtown Bethesda, Md., to 7316 Wisconsin LLC of Saul Centers Inc. for $35.5 million. HFF represented the seller and procured the buyer.
“This is a great development site with in-place income and a fantastic submarket,” Jim Meisel, HFF’s senior managing director, told Commercial Property Executive. “The buyer chose not to develop but knew the time was good for a redevelopment, so put the property on the market.”
Located at 7316 Wisconsin Ave., the five-story asset is currently leased to 10 tenants, including Bank of America and Stone Street Capital. The property, completed in 1969 and renovated in 1995, includes 7,000 square feet of retail and offers 125 parking spaces.
According to Meisel, interest in the property was extremely high and the deal came together quickly.
Strong appeal in Bethesda
The office building is close by Bethesda Row and situated right in the heart of Bethesda’s live-work-play environment. “The Bethesda market is perhaps the best suburban/urban market in the D.C. area right now,” Meisel said. “That played very much into the appeal.”
Not only does 7316 Wisconsin provide tenants with great access to more than 60 retail, dining and entertainment options, the property is also close to all that the Woodmont Triangle has to offer, including the ongoing developments at 7272 Wisconsin Ave. and 4747 Bethesda Ave.
Commuters can take advantage of the fact that the building is less than two blocks from the Bethesda Metro Station, making it convenient to travel to downtown Washington, D.C., and the greater Washington, D.C., region. Moreover, the Bethesda Purple Line station will be erected directly across the street in the future, connecting the Red, Green and Orange Metro lines.
Meisel was joined on the deal by the HFF investment advisory team of Senior Managing Director Andrew Weir, Directors Matt Nicholson and David Baker and Executive Managing Director Stephen Conley.
In August, Meisel and his team facilitated the sale of the 560,000-square-foot Washington Harbour mixed-use destination in Washington, D.C., on behalf of Principal Real Estate Investors to Global Holdings Management Group for $415 million.
Image courtesy of Yardi Matrix