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Marcus & Millichap, a leading commercial real estate brokerage firm, recently announced the successful sale of 6400 Georgia Avenue N.W., a mixed-use property in Washington D.C. The property was sold for $4.3 million.
According to Lorenzo Wooten, first vice president of investments at Marcus & Millichap, this was an exciting opportunity due to its prime location and potential for value-add improvements. However, it also presented challenges as there was a 50% vacancy rate at the time of sale. Wooten and Jacob Krens from Marcus & Millichap’s Washington D.C office were responsible for marketing the property on behalf of the family estate that owned it.
The property is located in Brightwood neighborhood and sits on 0.15 acres of land with approximately 20,680 square feet across two floors consisting of both office and retail space. The first floor is fully leased with seven suites occupied by long-term local businesses such as Subway under triple net leases while all six office suites on the second floor were vacant at the time of sale.
This transaction highlights Marcus & Millichap’s expertise in brokering complex deals involving mixed-use properties in highly desirable locations like Washington D.C., further solidifying their position as one of the top players in commercial real estate brokerage services nationwide.
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