The Passenger | 1539 7th Street, NW | Washington, DC
Herndon, VA – Calkain‘s Urban Investment Advisors team of Rick Fernandez, Senior Managing Director and Andrew Fallon, Executive Managing Director, recently completed the sale of 1539 7th Street, NW. The popular cocktail bar, The Passenger, occupies the building and is operating under a long-term landlord friendly lease.
The buyer, SPMC Urban Properties, has been actively acquiring retail assets around DC. The managing partner stated, “The Passenger is a great addition to our existing portfolio, as we continue to purchase well-located urban in-fill buildings in the DC metro area.”
Calkain represented the seller in the transaction. The property sold for $727 per square foot. Fernandez stated, “Net lease buyers continue to aggressively pursue urban retail and 1539 7th is a great example of demand for investment property in DC’s redeveloping neighborhoods.” Continued Fallon, “This transaction was a win-win for both parties based on the dollar per square foot execution and the long term potential for rent growth and appreciation as redevelopment continues in Shaw.”
Calkain Companies is a commercial real estate brokerage firm specializing in assisting buyers and sellers of single and multi-tenant net-leased properties. Calkain 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, capital markets and research. Additional information about the firm and listings may be found at calkain.com or by contacting Fernandez and Fallon at email@example.com or firstname.lastname@example.org.