WASHINGTON, DC—The Heon family’s 3150 M St., has traded to War Horse LLC for roughly $12.2 million, or $1,835 per square foot. The 6,662-square foot property, which is fully occupied by Serendipity 3, was listed along with another property in 2009.
The Washington Business Journal first reportedthe rumor earlier this month, noting that a real estate development firm started by Scott Plank, a former Under Armour executive and brother of founder Kevin Plank, was behind the LLC. The company plans to open a store there.
Marcus & Millichap was the listing agent when the properties-the other was 1351 Wisconsin Ave-were placed on the market. At the time both about to be vacated-but still expected to sell quickly. Serendipity 3 has moved into the former site, which once housed Nathan’s restaurant, but the investment sales market for Georgetown proved to be frustratingly slow.
Or perhaps put another way, the market proved to be frustratingly slow to catch up to the seller’s expectations.
The new lease likely helped things along, Josh Feldman, associate director of Marcus & Millichap’s National Retail Group, tells GlobeSt.com.
“The family’s price expectation since our original best-and-final round of bidding hadn’t changed,” he says.
Feldman listed the property for the family in 2009. He says that the recent sale of the Banana Republic building at the Southwest corner of the intersection played a significant role in pushing the sale along as well. “As a result, one of the buyers who made a serious run at the asset during our marketing effort a few years back was able to get a deal done under stronger market conditions,” Feldman says.
“It is definitely a seller’s market now. No question about it”