Real Estate Journal — Shopping Centers — November 27 - December 10, 2015 — 11C
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M id A tlantic
S hopping C enters
ASHINGTON, DC – Marcus & Mil- lichap announced Zang, Zupancic, and Barreiro represent seller, while Zang and Ein represent buyer Marcus & Millichap trades 3,911 s/f Georgetown 7-Eleven for $3.5 million W
today, even when it’s not near a metro station,” Zang said. The 7-Eleven was built out in 2012 and 2013, with the lease commencing in January 2014. Currently, the location has over eight years remaining on its lease. “This unique urban asset required an equally unique approach from the brokerage side,” added Zupancic. “We were very happy with the outcome that we were able to achieve for our clients.” 7-Eleven leases the above- grade space of 1340 & 1344 Wisconsin Ave. NW while Smith Point, featured as a
popular nightlife destination in the New York Times, leases out the basement space of 1340 Wisconsin Ave. NW for their kitchen space. The former Georgetown Theater, which is currently being redeveloped into a mixture of office, retail and residential space, is di- rectly across Wisconsin from the property. “This trophy location of this property was a major draw for investors,” Barreiro concluded. “It’s two blocks from one of the major retail hubs in the district, the iconic intersection of Wisconsin Avenue and M street NW.” n
the sale of 1340 and 1344 Wisconsin Ave., a 3,911 s/f net- leased 7-Eleven in the Historic Georgetown neighborhood of Washington, DC, according to Bryn Merrey , regional man- ager of the firm’s Washington, DC office. The asset sold for $3.5 million, its full list price, and approximately $895 psf. Marty Zupancic , vice president investments, Dean Zang , senior vice president investments, and Christian Barreiro , investment special- ist in Marcus & Millichap’s Washington, DC office, had the listing to market the property on behalf of the seller, a local family estate who’s owned the property since 1928. The buyer, a local privately-held investment manager, was se- cured and represented by Zang and Josh Ein , both members of the TZD Retail Team of Marcus & Millichap. “We are seeing strong inves- tor demand for urban retail MSC Retail brings premier store to the Philadelphia retail market PHILADELPHIA, PA — MSCRetail , a retail real estate advisory services firm based in Philadelphia, announced the addition of Bloomingdale’s The Outlet Store, a brand of Macy’s, Inc., to the Shops at Liberty Place at 1625 Chestnut St. Occupying more than 20,000 s/f, the new store will offer a range of off-price apparel and accessories. The store’s opening date is currently projected for December 2015. Michael Salove , CEO and president of MSC Retail, to- gether with Brittany Gold- berg , a High Street Specialist at the firm, represent Macy’s, Inc. in the Greater Philadel- phia Region. Said Goldberg, “We are ecstatic to welcome Bloomingdale’s to Center City. Quality retailers are naturally flocking to Chestnut Street, with access to larger space and hordes of foot traffic.” Among the tenants that currently make up The Shops at Liberty Place are J. Crew, Kiehl’s, Express, and Vic- toria’s Secret. Additionally, Sephora, Nordstrom Rack, American Eagle, Uniqlo, and Forever 21 occupy nearby space along Chestnut St. n
1340 and 1344 Wisconsin Ave.
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