A 125,000-sf, eight-story office building originally built in1980, the Flour Mill sits between the Potomac River and the C&OCanal on a full city block in the Georgetown submarket. FederalCapital Partners was represented by Eastdil Secured's Washington,DC office.
As is typical for the company's investment strategy, the FlourMill was core asset acquired to deliver a value add return for thefirm. FCP acquired it in 2003 when it was a class B building,Howard Jenkins, a VP at the company tells GlobeSt.com. According toTonya Ginter, director of research and marketing for GVA AdvantisFCP acquired the building for $25 million, or $202 per sf.
Since the acquisition the company invested "in excess of $3.5million" in rehabilitation and capital improvements, he says. Theseinclude improvement to HVAC and electrical systems and a renovatedlobby and elevator cabs. It also upgraded and re-landscaped theoutdoor plaza area.
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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.
