FOR IMMEDIATE RELEASE
Union Market Building Acquired by Owners of Olivia Macaron to Open Third Location
Press Contacts: Ian Ruel, Managing Principal, (202) 318-6844 | Josh Feldman, Managing Principal, (202) 318-6833
Washington, D.C., August 1st, 2024– Feldman Ruel, the leader in the marketing and sale of commercial investment properties in the Washington, D.C. metropolitan area, is pleased to announce the sale of 405 Morse Street NE. The property, situated in the vibrant Union Market neighborhood, has been acquired by the owners of Olivia Macaron, who plan to open their third location. The asset sold for $1,550,000 which was 107% of list price.
The purchasers plan to establish a macaron shop on the first level of the building and a cocktail bar on the second level, adding to the already diverse mix of retail and nightlife options in the Union Market neighborhood.
Ana Claudia Lopez, CEO of Olivia Macaron, expressed her excitement about the new venture; "We are thrilled to announce Olivia Macaron’s expansion into the vibrant Union Market neighborhood of DC. This move represents a significant milestone in our journey to bring our beloved macarons to an even wider audience. We are especially excited about creating unique and engaging programming that enhances the experience for our customers. Union Market is a hub of creativity and culture, and we can't wait to contribute to its dynamic community with our new offerings and special events. We look forward to delighting macaron enthusiasts and welcoming new faces to our family."
Ian Ruel, Josh Feldman, Roman Degliantoni, and Adam Costanzo of Feldman Ruel had the exclusive listing to market the property on behalf of the sellers, who acquired the property in 2008 for their wholesale meat business and no longer needed the space. Feldman Ruel successfully created a competitive bidding environment, leading to multiple offers and ultimately exceeding the list price of $1,450,000. The firm’s marketing efforts highlighted the property's potential for owner-users with construction experience, ultimately securing an ideal buyer who aligns with the creative and entrepreneurial spirit of the Union Market district.
Ian Ruel, Managing Principal of Feldman Ruel, commented on the sale: "We always enjoy selling properties in Union Market because we ultimately end up procuring incredible users and investors with very creative visions for these unique buildings. The buyer’s proposed use will add to the already robust suite of retail and restaurant options in the neighborhood, and our whole team looks forward to seeing the transformation of the building over the coming months."
About Feldman Ruel
Feldman Ruel is a commercial real estate services firm focused primarily on 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 their clients with the most accurate valuations, most effective multichannel marketing, and best advisory services available in its practice areas.