WASHINGTON, DC–Two properties in Adams Morgan have traded to the locally-based Urban Investment Partners for a total of $3.2 million. 1752 and 1762 Columbia, both built in 1907, are four-story, four-unit mixed-use properties with off-street parking and street frontage on Adams Morgan's iconic Columbia Road. The former is a commercial building that is fully occupied; the latter consists of two retail tenants and two apartments, which are vacant. UIP plans to continue operating them as mixed-use retail and office space.
The properties traded slightly below the suggested asking price.
Greysteel's Ari Firoozabadi, W. Kyle Tangney, Rawles M. Wilcox and Herbert Schwat represented the seller in this transaction.
Properties rarely come to market in this neighborhood; that said, there has been a great deal of activity here lately. There are the new Ontario Condos, UIP's renovation of 1620 Fuller St., the renovation of the Italian Embassy and the new Line Hotel just west of 1752 and 1762 Columbia Rd.
Indeed, the Line Hotel is bringing even more interest to Adams Morgan — a popular submarket that doesn't exactly need to shout out its presence — Tangney tells GlobeSt.com.
“The Line DC has gotten a lot of people interested in the area , such as some high-profile restaurants,” he says. “The belief is that this already established Class A market will continue to improve and improve.”
WASHINGTON, DC–Two properties in Adams Morgan have traded to the locally-based Urban Investment Partners for a total of $3.2 million. 1752 and 1762 Columbia, both built in 1907, are four-story, four-unit mixed-use properties with off-street parking and street frontage on Adams Morgan's iconic Columbia Road. The former is a commercial building that is fully occupied; the latter consists of two retail tenants and two apartments, which are vacant. UIP plans to continue operating them as mixed-use retail and office space.
The properties traded slightly below the suggested asking price.
Greysteel's Ari Firoozabadi, W. Kyle Tangney, Rawles M. Wilcox and Herbert Schwat represented the seller in this transaction.
Properties rarely come to market in this neighborhood; that said, there has been a great deal of activity here lately. There are the new Ontario Condos, UIP's renovation of 1620 Fuller St., the renovation of the Italian Embassy and the new Line Hotel just west of 1752 and 1762 Columbia Rd.
Indeed, the Line Hotel is bringing even more interest to Adams Morgan — a popular submarket that doesn't exactly need to shout out its presence — Tangney tells GlobeSt.com.
“The Line DC has gotten a lot of people interested in the area , such as some high-profile restaurants,” he says. “The belief is that this already established Class A market will continue to improve and improve.”
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