Retail Space at the Iconic Watergate Complex Sold by IPA
November 16, 2017
WASHINGTON, D.C., Nov. 16, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of 57,494 square feet of retail space and a multi-story parking garage in the Watergate complex in Washington, D.C.
“This is a unique asset with numerous income streams beyond the obvious retail and parking elements,” says Dean Zang, IPA senior director. “Finding a purchaser willing to understand and embrace the inherent complexities of this property makes one realize: there’s only one Watergate.”
Zang and Nathan Pealer, a director in Marcus & Millichap’s National Retail Group and Josh Ein, senior associate, represented the seller, a joint venture between Penzance and Greenfield Partners, and procured the buyer, a private Northern Virginia-based investor. Bryn Merrey, senior vice president, is Marcus & Millichap’s broker of record in the District of Colombia.
The sale includes three levels of retail anchored by a CVS/pharmacy, a forthcoming KinderCare childcare center, and a 135-space parking garage.
“We see robust demand for urban investments today,” adds Ein. “With cap rates still in the low single digits, urban retail seems to have moved its way to the top of investors’ wish lists."