Prominent building near Union Market for sale

One of the older industrial buildings that surrounds Union Market, 400 Morse St. NE, is on the market.

Ian Ruel, Josh Feldman and Adam Costanzo of Feldman Ruel have been retained to sell the roughly 7,200-square-foot building at the corner of Morse and Fourth streets NE. It's owned by the Pascal family, descendants of Fred Kolker, who ran the prominent poultry business in Union Market for years, and is one of few buildings in the area to have had just one owner since it was constructed in the 1930s.

The building has an asking price of $4.5 million, or $622 per square foot. If it sells for that, it would top the in-line buildings at 417 and 419 Morse St. NE, which sold for $2.85 million, or $528 per square foot, last summer. Its upper area can be converted to a rooftop deck which would expand it to 8,200 square feet, with 44 feet of frontage on Fourth Street and 92 feet on Morse, according to brokerage material.

As has been the case with other buildings in the area, Ruel expects "sophisticated" tenants to pick up the space, following the trend of high-end restaurants and concepts that have taken advantage of the area's swelling development. Within a half-mile radius, 10,000 multifamily units, 1 million square feet of office and 600,000 square feet of retail are in the pipeline, according to Feldman Ruel research.

"All of these buildings have a cool industrial feel," Ruel said. "It's high-profile and unique so we've been getting a good amount of interest."