Greysteel Arranges Sale of DC Mixed-Use
- Jan 15, 2018
Greysteel has closed the sale of 7350 Georgia Ave., a mixed-use property located on the northern outskirts of Washington, D.C. The asset traded for a record price for non-development commercial real estate on Georgia Avenue in the 20012 zip code, at $333.33 per square foot.
The property is located on Georgia Avenue, one of the longest retail corridors of the city, connecting Silver Spring, Md. to downtown D.C. The asset is situated less than a half mile from the Walter Reed redevelopment project and less than a mile walk to the Red Line’s Takoma Metro Station.
The Greysteel team was led by Senior Investment Associate Benjamin Wilson and Investment Associate Lauren McCormack of the firm’s Washington, D.C. commercial and mixed-use team.
“The Property’s highly visible location with 26 feet of frontage on Georgia Avenue presented an attractive opportunity to new ownership, given the ability to renovate and expand an additional 2,018 square feet, allowing for a wide range of potential leasing prospects,” said McCormack, in prepared remarks.
Image courtesy of Greysteel