WASHINGTON, DC–A local private investor has acquired a retailbuilding in the Mount Pleasant neighborhood for$1.2 million, or $555 per squarefoot. It is a significant price as it represents a newthreshold in a retail sale on a per square foot basis,Greysteel Senior Investment Associate BenjaminWilson tells GlobeSt.com. Wilson and MaxFreedman of the firm's Washington, DC Commercial andMixed-Use team, brokered the sale.
“This was a pure retail play — the new owner won't develop thereor expand,” Wilson says. The ground floor of the two-story buildingis occupied by a dentist and the top floor is vacant. The buildingwas valued at a pro forma 6 cap rate.
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