WASHINGTON, DC—JOSS Realty has sold 4201 Connecticut Ave. to Brickman for an undisclosed price. Transwestern's Institutional Commercial Group, led by Gerry Trainor, represented JOSS Realty in the deal.
When JOSS listed the property earlier this year, it had expected to sell it for around $27 million to $30 million.
The 70,971-square foot building has been acquired by Brickman, which plans to reposition it as a medical office building. "4201 Connecticut Ave. provides Brickman with stable cash flow from the existing tenant base, while permitting it to further enhance the value by transitioning the tenant base to medical office tenants," Trainor says in a prepared statement.
It is 94% occupied and currently tenants are a diverse mix and include a Bank of America branch and MedStar Health. The building itself commands higher rental rates, according to Transwestern, because of its location on a corner location and proximity to metrorail.
In general the uptown submarket has been posting a lower-than-average vacancy rate of 5.8%, compared to 7% for the CBD and 8.4% for the East End.
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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.
