BETHESDA, MD-7514 Wisconsin Ave. has traded for $4.055 million to Meritage Properties, a New York-based private equity firm. The company snapped up the property with an eye on its value add potential, given its location close to the metro and the redevelopment underway on the same block, CBRE's Marc N. Rampulla tells GlobeSt.com. "It is very appealing for its proximity to transit and the development work Akridge and Kettler are doing there," he says.
The seller of the five-story office and retail building was T&C Equities. Rampulla, who is first vice president at CBRE, represented T&C Equities in the transaction.
Meritage is planning a major renovation with plans to reposition it as a high-end boutique office. There is only one tenant in the building now—City Café and Caters—and it plans to stay put during the work. That part of the building is in good shape since it underwent renovation previously, Rampulla says. "The rest of the building will now be brought up to that same quality." The building offers 18,292 rentable square feet. Meritage has retained CBRE for leasing.
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