FOR IMMEDIATE RELEASE
Local Investment Group Acquires 24,500-SF Former District Made Spirits Distillery in Ivy City’s Industrial Corridor
Press Contacts: Ryan Smith, Associate Director (202) 318-6808 | Josh Feldman, Managing Principal, (202) 318-6833 | Ian Ruel, Managing Principal, (202) 318-6844
Washington, D.C., September 27th, 2024– Feldman Ruel, a leader in the marketing and sale of commercial investment properties in the Washington, D.C. metropolitan area, is pleased to announce the sale of 1135 Okie Street NE. The property, located in the up-and-coming Ivy City neighborhood, sold for $5,400,000.
In February 2024, Washingtonian Magazine reported that of one of Washington D.C.’s first distilleries, District Made Spirits by One Eight Distilling, located at 1135 Okie Street NE, was closing its doors. Founded by two college friends—an attorney and a former lab manager—One Eight Distilling was created to produce a premium product for a broad audience. However, after the challenges of the COVID-19 pandemic, the distillery ceased operations, prompting the owner, Sandy Wood, managing member of SWEETWATER DC LLC, to list the 24,500-square-foot, two-level, flex industrial warehouse property for sale with Tony Lofrumento and Guy d’Amecourt of Summit Commercial Real Estate.
Associate Director, Ryan Smith, along with Managing Principals, Josh Feldman and Ian Ruel, represented the buyer, a local investment group, which wishes to remain anonymous due to significant holdings in Northeast Washington, D.C. and throughout the metropolitan area. The buyer, who had long recognized the potential of Ivy City, had been investing in Northeast Washington, D.C. since the 1990s, a time when corridors like New York Avenue, Bladensburg Road, and Queens Chapel Road were primarily industrial, dominated by automotive services, junkyards, and recycling plants. The buyer’s early investments in the area included opening a live music and entertainment venue that attracted thousands of attendees each weekend for years.
“PDR-zoned properties in Washington, D.C. offer a wide range of by-right uses that investors are keen to capitalize on," said Smith. "Retrofitting former warehouses into creative retail, office, and housing spaces creates significant value. We are fortunate to have a community of residents, business owners, and investors committed to repurposing these industrial hubs into vibrant commercial and residential areas rather than abandoning them." Smith added, "Thanks to this collective investment, we now have Michelin-star restaurants, bustling retail corridors, and a mix of renovated and new housing that have transformed communities which were previously non-existent. It takes the combined effort of residents, businesses, and investors to ensure the continued growth of these emerging neighborhoods.”
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.