WASHINGTON, DC-1718 Connecticut Ave., NW, traded hands for $14.4 million this week as part of a 1031 exchange sale. Richard McBride and Roy Ayers of McBride Real Estate Services represented the both seller, local investor Nicholas Papadopoulos of PRI Inc., and the buyer, an entity operated by telecom executive Dave Schaeffer.
Office buildings, especially on Connecticut Ave., are a rare asset to hold in a 1031, McBride tells Globest.com. "Usually a triple net lease property is what is on the back end," he says. The building's location and full roster of tenants, though, made it easier to find a buyer.
Finding the right purchaser was key because he or she would have to assume approximately $4.5 million of existing debt. Indeed, the selling price reflected that part of the deal, McBride says. The seller found a fully-leased warehouse in Hagerstown, MD, as the exchange property.
The 47,569 square foot office building was built in 1982. It is fully leased. Tenants include the law firm of Katz, Marshall & Banks, Policy Study Associates, Electronic Privacy, and Martell & Associates. Bethesda Bagels and A Brighter Image are the retail tenants.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
