Herndon, VA – Calkain‘s Urban Investment Advisors team of Rick Fernandez and Andrew Fallon, recently completed the sale of the MacArthur Retail & Professional Center at 5185 MacArthur Boulevard, NW located in the Palisades neighborhood just north of Georgetown in Washington, DC. The 90% leased, 43,543 square foot, 3-story property is anchored by a dynamic suite of ground floor retail including Starbucks and the UPS Store. Calkain represented the seller in the transaction and the property sold for $14,925,000.00 to a private group of investors from New York.
“The property is centrally located within the Palisades community and the buyers felt confident in their ability to improve the property, fill the vacancies and grow the income stream,” commented Fernandez. “Although there were challenges posed by the securitized debt assumption and office vacancies, we procured multiple offers and ultimately selected the best buyer for our client. It was a win-win,” continued Fallon.
The transaction closed within the last thirty days and is recorded in the public record.
With over $150M of Washington, DC urban retail sales, the Calkain Urban Investment Advisors team of Fernandez and Fallon are the market leaders in today’s urban net lease industry. Currently, Fernandez and Fallon have $45M worth of Washington, DC properties listed or under contract, including 1522 14th Street NW, 749 8Th Street SE, 4235 Wisconsin Avenue NW, 1539 9th Street SE and 1101 Rhode Island Avenue, NW.
Calkain is a commercial real estate brokerage specializing in assisting buyers and sellers of single and multi-tenant net-leased properties. Calkain works with everyone and delivers a global buying audience to a highly sought after, client focused platform that covers all aspects of the transaction including advisory, brokerage, asset management, debt placement and research. Additional information about the firm and listings may be found at www.calkain.com.