4C — November 25 - December 8, 2016 — Shopping Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
ASHINGTON, DC — Marcus & Milli- chap announced the sale of 419 Morse St. Ian Ruel and Josh Feldman close both transactions Marcus & Millichap DC trades two Union Market properties for a total of $6.765m W
NE and 1286-1288 5th St. NE, both in the Union Market area of Washington, DC according to Bryn Merrey , senior VP/ division manager of the firm’s Mid-Atlantic and Southeastern offices. The 8,400 s/f 5th St. asset traded for $5.45 million while the 2,700 s/f building on Morse St. closed for $1.315mil- lion, $40,000 over its list price. Ian Ruel , investment spe- cialist, and Josh Feldman , vice president investment in Marcus & Millichap’s Wash-
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419 Morse St. NE
1286-1288 5th St. NE
ington, DC office, closed both transactions. 1284-1288 5th St. NE was an off-market sale while 419 Morse St. was listed by Marcus & Millichap, a process that produced eight qualified offers, three of which were at or above the list price of $1.275 million. Both investors plan to re-tenant the units at market rental rates as leases roll over. These properties represent the second and third Union Market retail closings that Ruel and Feldman have traded this fall. The team also handled the 1261 4th St. NE transaction that closed on Sep- tember 28, 2016. “Values have exploded due to the massive amount of current and proposed development in and around the NOMA area,” said Ruel. “Union Market is transforming from a gritty in- dustrial market to a retail des- tination but still has a ways to go. Investors are beginning to recognize this and are buying up small industrial bays with the hope to re-tenant them in the future as the market con- tinues to improve.” The two properties, only about a block away from one another, are both located in the expanding Union Market neighborhood, just north of Florida Ave. NE. Both proper- ties currently have short term tenants, Morse St. with one, 5th St. with three. “Since the discussion began over the potential historical designation of Union Market buildings, many investors have been wondering how values will change after the official an- nouncement,” Ruel concludes. “These transactions show that despite the potential of this historic designation, investors still believe in Union Market and its status as a unique retail destination.” n
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