Marcus & Millichap Secures DC Mixed-Use Asset
- May 24, 2017
After announcing the sale of a two-property, 1,033-unit self-storage portfolio in the Greater Milwaukee area, Marcus & Millichap secured the sale of 1114 H NE St., a mixed-use property in Washington, D.C. The company has the exclusive listing to market the property on behalf of the seller, The Transit Employees Federal Credit Union. Greenhill Cos. bought the asset for $2.3 million and plans to lease it.
The mixed-use project features 4,374 square feet and was occupied by The Transit Employees Federal Credit Union until it relocated last year. The property has a sublevel and mezzanine space with various options for retail, office or multifamily conversions.
“Investors were skeptical about the neighborhood 10 years ago but with city investment and local business growth, we are now seeing larger investors look to H Street NE,” Josh Fieldman, head of the Feldman Group of Marcus & Millichap, said in a statement. “Some notable developments in the pipeline include, the H Street Connection Shopping Center’s redevelopment with over 400 residential units and 44,000 square feet of retail on the 900 block, the boom of construction on the 600 block including the new Whole Foods, and the Douglas Development 26-unit mixed-use project planned for an August delivery on the 500 block of H Street NE.”
Image via Google Street View