WASHINGTON, DC-Adams Court, a 6,000-square foot urban retail condo building located one block south of the Columbia Heights metro station, has traded for $5.1 million. Douglas Development acquired the property, which is 100% leased to 7-Eleven, Sprint and Nationwide Insurance. The seller is Dale Commercial LLC. McShea & Co.'s Joe Friedman and Julian Etches represented the seller.
Douglas Development has been steadily building out its portfolio in the 14th Street submarket – this building adds to its count. "We are very bullish on retail along the 14th street corridor and are pleased to add such a high quality, well located asset to our portfolio," Norman Jemal says in a prepared statement.
This is the third closing for McShea's investment sales division in 2013. The sales team has seven other dispositions under contract or on the market including office, retail and industrial assets in Capitol Heights, Hagerstown, Landover, Frederick, and College Park, Maryland and in Fredericksburg and Woodbridge, Virginia.
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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.
