The high profile $16.25 million transaction represented the top price ever attained for a Washington, DC, retail property. Purchased by LaKritz Adler Development in 2010, the 9,718-square-foot property at 1501-1503 Connecticut Ave. NW is fully leased.
The building was anchor tenant Starbucks’ first ever East Coast location and the coffee company’s 3,736 footprint spans the basement through second floor. Starbucks has a $300,000 annual lease in place that extends until 2035. Other tenants include BBB Fresh Pan-Asian cafe, Reishman Real Estate, and Beadazzled, which have leases up for renewal in 2021.
The purchase was a strategic one for Norfolk, Virginia-based Harbor Group International, with the record price reflecting exceptional foot traffic in this well established retail area.