NY Company Expands Investment Pattern into D.C.
- Jul 02, 2015
New York-based Mosaic Realty Partners expanded its Maryland portfolio with the acquisition of a commercial building in the nation’s capital. It purchased the northeastern D.C. asset through an affiliate for $14.2 million.
Mosaic is now the new owner of 705 Edgewood St., N.E., a two-story building constructed in 1955. The property occupies a 1.48-acre parcel in D.C.’s Edgewood neighborhood. It offers a total of 72,209 square feet of office, flex and warehouse space.
705 Edgewood Associates LLC was the seller. Marcus & Millichap brokered the transaction. The team that represented 705 Edgewood Associates LLC consisted of Robert Filley, a senior director with Marcus & Millichap’s National Office and Industrial Properties Group; Josh Feldman, associate vice president of investments; and associate Benjamin Wilson.
PropertyShark reports that 705 Edgewood St. last changed hands in 2004 for a little over $3.6 million. The property’s current market value is about $7.8 million.
“The building’s proximity to the Rhode Island Avenue Metro station and the planned redevelopment of the Rhode Island Avenue shopping center, which is on the building’s south border, drove demand for this net-leased asset,” Filley explained in a news release.
According to Marcus & Millichap, 705 Edgewood St. was 65 percent occupied at the time of the sale, by the William E. Doar, Jr. Public Charter School for the Performing Arts. There are still 25,374 square feet of additional industrial/flex space available for lease.