The Calkain Urban Investment Advisors team of Andrew Fallon, Executive Managing Director, and Rick Fernandez, Senior Managing Director, recently brokered the sale of 433 Massachusetts Avenue NW, Washington, DC, a prominent retail property in Mount Vernon Triangle. The property sold for $3.9M, a 5.38% cap rate on net operating income. The 5,021 square foot building is 100% NNN leased to Le Pain Quotidien and Solidcore, a fitness studio. The New York based buyers acquired the property as part of a 1031 exchange.
The massive amount of redevelopment in and around Mount Vernon Triangle was a key factor in the successful marketing of the property.
The redevelopment and growth of the market were plainly evident to the buyers and gave them a strong sense of confidence regarding the long term prospect of the property,” stated Fallon.
With over $150MM of Washington, DC urban retail sales, the Calkain Urban Advisors team of Fernandez and Fallon are the market leaders in today’s commercial net lease industry. Urban investment retail in a market like Washington, DC provides investors with an opportunity for significant growth in income as well as appreciation of the underlying real estate. Urban properties are not without risk but Calkain Urban Advisors continues to deliver gains for its clients several multiples over their original acquisition cost of the property. Fernandez commented, “We deliver market leading results for our clients and continue to set the bar for what is attainable in DC urban real estate sales.”
Please contact Rick Fernandez at 703-787-4732 or Andrew Fallon at 703-787-4733 for a review of Washington, DC urban net lease retail or a market valuation of your urban retail property.
Calkain Companies is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, debt placement, equity placement, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast. Additional information about the firm and listings may be found at www.calkain.com.