Greysteel Arranges Sale of 2 Mixed-Use DC Properties
- Mar 07, 2017
Washington, D.C.—National commercial real estate investment services firm Greysteel has arranged the sale of 1752 and 1762 Columbia in the Adams Morgan neighborhood of Washington, D.C., for a combined $3.2 million. The company represented the sellers and procured the buyer, Urban Investment Partners (UIP).
The two mixed-use retail/office properties are located just off one of the most iconic commercial corridors in the district, Adams Morgan’s Columbia Road. The two properties feature off-street parking and street frontage. Built in 1907, the two four-story, four-unit mixed-use assets are situated close to a mix of restaurants, shops and grocery stores. Both commercial and residential spaces in the neighborhood have proven to be in high demand with low vacancy rates and comparatively high rental rates.
“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 St., 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,” said Steve Schwat, principal at UIP, in a prepared statement.
The new owner plans to continue operating the properties as mixed-use retail and office space.
Images via Google Street View