FOR IMMEDIATE RELEASE
Feldman Ruel Urban Property Advisors Facilitates the Sale of a Single-Tenant Net-Leased Property Along H Street NE to a 1031-Exchange Buyer
Press Contacts: Ian Ruel, Managing Principal, (202) 318-6844 | Josh Feldman, Managing Principal, (202) 318-6833
Washington, D.C., May 31st, 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 1208 H Street NE, a single-tenant, net-leased property situated along H Street NE. The property has been occupied by Smokin’ Pig, a barbecue restaurant serving everything from Carolina-style slow smoked pork to Texas-style brisket, since January of 2020. The tenant’s triple net lease runs until 2030 with one five-year option period to follow. The asset sold for $1,150,000 or $696.97 per square foot.
Ian Ruel, Josh Feldman, Adam Costanzo, and Brandon Cardwell of Feldman Ruel had the exclusive listing to market the property on behalf of the seller, Stavins & Axelrod Properties, a local, private real estate investment firm. Prior to the sale, ownership meticulously maintained the property, recently installing a new roof, sprinkler system, and HVAC unit. Stavins & Axelrod Properties elected to dispose of the asset as part of a broader consolidation strategy.
The purchaser, a family office out of Houston, Texas, acquired the asset to add to their portfolio along the H Street corridor as well as to satisfy a 1031-exchange requirement. They were attracted to the property because of the strong rental income, long-term lease, minimal landlord responsibilities, and the robust pipeline of development in the immediate area. The transaction closed in 30 days.
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