The property traded at a 6.5% cap rate, Tonya Ginter, directorof research and marketing tells GlobeSt.com. "$7.9 million, or $250per sf, is a good price for that building." She says that "since itis smaller, it is difficult to compare to another asset."
Located at 902-910 King St, the building is blocks from the KingStreet Metro station and the Potomac waterfront. The historic,class B, four-story building was renovated in 1989 and 100% leasedto 10 separate tenants with no rollover through 2011.
Recent trades in OldTown include the sale of Braddock Place, a four-building, class A,348,218-sf office complex for $106.5 million. ING Clarion sold theproperty to MGP Real Estate LLC. Located directly across from theBraddock Road Metro Station, Braddock Place is 96% leased toinvestment grade tenants including government services groups,associations and the federal government.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
