3165 Mount Pleasant St.

WASHINGTON, DC–A local private investor has acquired a retail building in the Mount Pleasant neighborhood for $1.2 million, or $555 per square foot. It is a significant price as it represents a new threshold in a retail sale on a per square foot basis, Greysteel Senior Investment Associate Benjamin Wilson tells GlobeSt.com. Wilson and Max Freedman of the firm’s Washington, DC Commercial and Mixed-Use team, brokered the sale.

“This was a pure retail play — the new owner won’t develop there or expand,” Wilson says. The ground floor of the two-story building is occupied by a dentist and the top floor is vacant. The building was valued at a pro forma 6 cap rate.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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