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Meeps Signs New Ten Year Lease in Adams Morgan after Building Sells

by Prince Of Petworth August 23, 2017 at 4:00 pm 0


2104 18th Street, NW

From a press release:

“The Feldman Group of Marcus & Millichap announced today the sale of 2104 18th Street NW in the Adams Morgan neighborhood of Washington, D.C. The 2,700-SF asset sold for $1,275,000.

Josh Feldman, First Vice President of Investments, of the Feldman Group exclusively listed and sold the property on behalf of the owner. The asset was purchased by Foxhall Partners, who plan to reposition the property. “The new owners signed the retail tenant to a new 10-year lease, and plan to renovate the two residential units as they roll over,” explains Feldman. The seller had owned the property for 34 years at the time of the sale, and leased the retail unit to the popular Meeps Vintage Clothing in 2006.

The property, only on the market for 37 days, generated 6 offers and closed at $35,000 above the list price. “Adams Morgan remains a strong market, despite the emergence of other nearby commercial corridors,” says Feldman. “It’ll be further strengthened by projects like the new LINE Hotel, and other planned mixed-use developments nearby.” Feldman has closed multiple high-profile transactions along the 18th Street corridor in Adams Morgan, including the former Millie & Al’s building and what would become the Jack Rose Dining Saloon.”

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