WASHINGTON, DC-A CVS in the heart ofAdams Morgan has traded for $14.5 million—or aneye-popping $1,154 per square foot. That is amongthe best retail trades in the District, JonathanHipp, CEO of Calkain Cos., which brokered the transaction,tells GlobeSt.com. The buyer was a 1031 exchange investor fromFlorida and the seller was a local group. Calkain represented bothsides of the transaction, with Rick Fernandez,managing director of Calkain Urban Investment Advisors, repping theseller and Calkain managing director Jerry Burgrepresenting the buyer.

Located at 1755 Columbia Rd., the CVS is a fixture in thisbustling neighborhood, and its long lease at the address andinvestment-grade status accounted in large part for the high pricepoint, Hipp says. That plus “a generational, irreplaceable realestate location,” he says. “That is what investors are lookingfor.” It last traded about 18 months ago, also brokered then byCalkain. At that time, the price it traded for was anothereye-popper, Hipp says. “That's a very valuable investment.”

The purchaser was seeking a stable income and tapped Burg toidentify $35 million worth of investment properties. It liked thisasset not only for the tenant and location but because the buildingitself is highly adaptable. The seller received multiple offersfrom across the country. The transaction closed about 10 daysago.