WASHINGTON, DC-New York City-based private equity company Meritage Properties has picked up two small buildings in Dupont Circle in a deal size that in earlier times it might have deemed too insignificant. But the company's heightened interest in infill, metro-served mixed-use properties prompted it to give the transaction a second look, CBRE First Vice President Marc Rampulla tells GlobeSt.com. It wound up liking what it saw and the fact that the properties are Dupont Circle assets just added to their allure, he says.
The-multi-tenant retail and office buildings total 18,614 square feet and are located at 2029 P St., NW and 2122 P St., NW. Grosvenor Americas was the seller of the buildings, which traded for $9.25 million, or approximately $500 per square foot.
Another reason the buyer considered the trade was the dearth of stable properties on the market in the District that offer near-term cash flow, Rampulla says. There is a value-add play here as well, with the private equity firm planning on renovations and a subsequent uptick in the rents, he adds.
Meritage Properties has other buildings in the DC area that are much larger, Rampulla says. "But their focus lately has been on stable infill product that they can add value to over a five-to-seven year hold period.
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