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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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.