FOR IMMEDIATE RELEASE
Feldman Ruel Urban Property Advisors Facilitates the Sale of Georgetown’s Only Drive-Thru Building. New Retail Tenant & Residential Units on the Way.
Press Contacts: Josh Feldman, Managing Principal, (202) 318-6833 | Ian Ruel, Managing Principal, (202) 318-6844
Washington, D.C., June 6th, 2023– Feldman Ruel Urban Property Advisors, the leader in the sale in the sale of sub-institutional commercial investment properties in the D.C. metropolitan area, announces the sale of 1729 Wisconsin Avenue NW, a four-level, mixed-use property with on-site parking and Georgetown’s only drive-thru. The property, which sold for $3,075,000, traded at 96% of list price and was 45% leased at the time of sale.
Josh Feldman, Ian Ruel, and Adam Costanzo of Feldman Ruel had the exclusive listing to market the property on behalf of the seller, Fortified Property Group, a boutique real estate investment and advisory firm based in Los Angeles, CA and Bethesda, MD which purchased the property in July of 2019. The purchaser, Abunaipoke, LLC, which is comprised of two commercial real estate veterans with backgrounds in retail and development, was represented by Kennedy & Co’s Dylan Daly.
The first level and sublevel of 1729 Wisconsin Ave NW were leased shortly before the seller and purchaser entered into a contract. The new tenant, who should be opening for business shortly, is a wellness and beauty retailer specializing in organic and natural product lines. The purchaser plans to renovate the two upper levels into high-end multifamily rental units.
About Feldman Ruel
Feldman Ruel Urban Property Advisors is a commercial real estate services firm focused primarily on sub-institutional investment sales and property management in the Washington, D.C. metropolitan area and is consistently recognized as a market leader in the industry. Feldman Ruel successfully completes scores of transactions every year making it one of the top investment sales brokerage firms in the area. The experience and relationships resulting from hundreds of successful transactions allow the principals and agents of Feldman Ruel to provide its clients with the most accurate valuations, most effective multichannel marketing, and best advisory services available in its practice areas.
www.FeldmanRuel.com