Transaction includes award-winning restaurant, Rose’s Luxury
Washington, D.C. – December 11, 2015 – CBRE, Inc. represented Greg Selfridge of NOVO Development and James Gushnerin the sale of 717 8th Street, SE on Capitol Hill, home of the nationally recognized Rose’s Luxury restaurant to a confidential buyer. With 4,540 square feet, the property in Barracks Row, an award winning main street in the heart of one of the most prestigious neighborhoods in Washington, D.C., sold at more than $900 per square foot.
The building has 2,126 square feet of dining on the ground floor and an additional 1,303 square feet of dining on the 2nd level, complimented with 736 square feet of space in the basement. The roof deck is in the process of being enclosed, which will add another 375 square feet to the property.
"With more than 2.3 million square feet of existing retail inventory in this neighborhood, a sale at almost 1,000 square feet should lift values all over Capitol Hill.” said Bobby Meehling, Senior Vice President, CBRE. “Nationally known restaurants like Rose’s Luxury are changing how locals and visitors alike in DC spend their time and money—it is no longer just about the monuments.”
Rose’s Luxury restaurant was awarded several top accolades including Bon Appetit’s2014 No. 1 Best New Restaurant in the Country and GQ’s No. 1 Most Outstanding Restaurant of 2015 along with recognition from Fodor’s Travel, The Travel Channel and The Washington Post.
More than two decades ago, the National Trust for Historic Preservation used its Main Street Program to revitalize 8th Street, SE to transform Barracks Row into the thriving commercial corridor it once was. Block by block the neighborhood saw new businesses, an influx of residents and the addition of a group of distinctive restaurants, including Rose’s Luxury.
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 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.