1752 Columbia Road, NW
Que jaw dropping developments coming to Columbia Road east of 18th with The Line Hotel, The old Payless/Avignone Freres Bakery development. And y’all said Adams Morgan was dead…
1762 Columbia Road, NW
Pros and cons, pros and cons but…from a press release:
“Urban Investment Partners (UIP) has acquired 1752 and 1762 Columbia, two mixed-use retail/office properties located in the Adams Morgan neighborhood of Washington, DC for a total of $3.2 million. Greysteel, a national commercial real estate investment services firm, arranged the sale and represented the sellers. The new ownership plans to continue operating the properties as mixed-use retail and office space.
This transaction was arranged by Greysteel President & CEO, Ari Firoozabadi; Senior Director, W. Kyle Tangney; Director, Rawles M. Wilcox; and Investment Associate, Herbert Schwat; who are all based in the Greysteel’s Washington, D.C. office.
1752 and 1762 Columbia, both built in 1907, are four-story, four-unit mixed-use properties with off-street parking and street frontage just off one of the most well-established, visited and iconic commercial corridors in the District, Adams Morgan’s Columbia Road.
Both properties are excellently situated in the middle of a densely populated four-block commercial strip on Columbia Road, NW. The strip is known for its eclectic mix of restaurants, retail shops, grocery stores, and other distinctive store fronts which draw a diverse and large number of patrons daily. Both commercial and residential spaces in the neighborhood have proven to be in high demand with low vacancy rates and comparatively high rental rates.
Steve Schwat, Principal at UIP, said: “We are excited by all the great things happening along Columbia Road between 16th and 18th Street NW, including the new Ontario Condos, UIP’s renovation of 1620 Fuller Street, the renovation of the Italian Embassy, the new Line Hotel just west of the subject properties, and other significant projects that we expect will change the look and feel) of this block.
“Mixed-use assets in Adams Morgan rarely come to market; thus 1752 and 1762 received a great deal of interest from the investment community,” said Mr. Tangney. “With The Line DC hotel delivering in the near future, we expect to see continued development of and interest in this already well-established corridor.”