The site is under application to create a planned unit development, including a special project of nearly 150,000 sq. ft.
Washington, D.C., July 8, 2015 – CBRE, Inc. announced the land sale of a 21,092 sq. ft. parcel of land area located at 1401 Pennsylvania Avenue, SE. The undeveloped site located in Hill East, part of the Greater Capitol Hill submarket, was acquired by CAS Riegler from an undisclosed seller for $8.65 million. Robert Meehling and Yalda Ghamarian of the CBRE Washington, D.C. Multifamily Investment Properties team and Ralph Haught of the CBRE Industrial Services team represented the seller.
“1401 Pennsylvania Avenue, SE, in conjunction with previously acquired 1433 Pennsylvania Avenue, prompted the application of a planned unit development (PUD). Creating a very unique project, the site plans are in preliminary stages and slated to include 150,000 sq. ft.,” said Mr. Meehling, CBRE Senior Vice President. In addition, the firm also represented a different seller in the sale of 1433 Pennsylvania Avenue, SE to CAS Reigler.
The project will include of a mixed-use building with approximately 170-190 apartment units and ground-level retail across from the Potomac Avenue Metro Station. Currently, the block consists of a small restaurant, an empty apartment building, and fallow land. The rapid lease-up pace of the NOVO Properties’ nearby development project at 1600 Pennsylvania Avenue, SE is a testament to the influx of investments to the area over the past decade, according to the firm.
Embedded at the convergence of many frontier and thriving submarkets, 1401 Pennsylvania Avenue, SE has a central location on Capitol Hill that provides residents with convenient access to some of the city’s top employers and key transportation modes. The nexus of the D.C. metro area, Capitol Hill employs just 23% of Washingtonians, demonstrating the city’s diversity in primary industry sectors such as education services, biotechnology, and information technology.
This community of urban and walkable attractions includes over 30 restaurants, outdoor cafés, and nightlife amenities. The site is adjacent to the Harris Teeter at the Pennsylvania-Potomac Avenue intersection and has a Walk Score® of 89: Very Walkable.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.