WASHINGTON, DC-A boutique office building and adjacent retail townhouse in the Central Business District have traded hands, with San Francisco-based Shorenstein adding another DC-area property to its portfolio.
The purchase price of 1301 and 1317 Connecticut Ave., NW was not disclosed but it was publicly recorded as $26.7 million. The cap rate is under 6%. Among other attributes, 1301 Connecticut has the distinction of being one of only 14 corner assets with a Connecticut Avenue address in the CBD, CB Richard Ellis’ Bill Prutting, Jr., tells GlobeSt.com. "Those addresses rarely come to market," he says.
Prutting, along with William E. Kaye, Randall Heilig and Seth Benhard represented the buyer, New York-based Norvin Partners, in the transaction.
The eight-story office building is 95% leased to tenants that include Freedom House and the Guttmacher Institute. The adjacent three-story retail structure houses a Starbucks and Luna Grill.
The properties join several other CBD and East End buildings that Shorenstein owns here. These include 1625 K St., NW; 1875 K St., NW; the Franklin Tower at 1401 Eye St., NW; and Hamilton Square at 600 14th St., NW.
As Prutting says, such properties are hardly ever available. A recent nearby transaction, however, did occur in June when American Real Estate Partners and the Davis Cos. snapped up two office properties in Golden Triangle--1140 and 1146 19th St., NW--for a total of approximately $40 million.
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