FOR IMMEDIATE RELEASE
Georgetown Commercial Property Sells to Popular Middleburg-Based Pet Supply Store
Press Contacts: Ian Ruel, Managing Principal, (202) 318-6844 | Josh Feldman, Managing Principal, (202) 318-6833 | Adam Costanzo, Senior Associate, (202) 318-6826
Washington, D.C., June 18th, 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 3216 O Street NW, a boutique commercial property located in the Georgetown neighborhood of Washington, D.C.
Ian Ruel, Josh Feldman, Adam Costanzo, and Brandon Plante of Feldman Ruel had the exclusive listing to market the property on behalf of the seller. The property had been in the family since the 1950’s and had been passed down to multiple generations. The owners elected to dispose of the property because their tenant, popular clothing brand Tuckernuck, had recently vacated the space. In addition, ownership lives outside of the Washington, D.C. area and felt they were too far away to properly manage the asset.
Feldman Ruel created a competitive bidding environment, generating multiple offers at or above the asking price of $2,150,000, ultimately procuring an all-cash offer from an owner-user with a short closing period at $2,350,000, or 109% of the asking price. Tilley’s Pet Supplies, a locally owned pet store with one location in Middleburg, Virginia, was the purchaser, and was represented by John Asadoorian from Asadoorian Retail Solutions. The purchaser will renovate the space in the coming months, with plans to open in September, 2024.
“This transaction was an ideal example of a great result for both buyer and seller.” said Ian Ruel, Managing Principal of Feldman Ruel. “It was a pleasure working with John Asadoorian and his client, and we look forward to seeing what Tilley’s has in store for the building.”
Drew and Megan Robitaille, owners of Tilley’s, released the following statement; “Tilley’s Pet Supplies of Middleburg, VA is delighted to introduce their new Georgetown location on O Street NW! At Tilley’s, we are continuing the tradition of quality food and products that dedicated pet owners expect to find in an independent pet supply store. Watch for our open door this Fall. Everyone at Tilley’s looks forward to seeing you and your four-legged family members soon!”
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.