Northmarq investment sales broker Isaiah Harf completed the sale of a 4,403-square-foot retail condo on the ground floor of the Metropole Condominiums located at 1515 15th Street Northwest in Washington, D.C. The property is fully leased to TD Bank, one of the largest banks in the United States. Harf represented the seller, a private investor based in Maryland. The California-based 1031 exchange buyer acquired the asset for approximately $7.6 million.
“This was a very challenging environment to close this transaction in with rising interest rates daily,” said Harf. “In the end, the purchaser pushed through, and we closed in a timely manner.”
The property was built in 2008 and is situated in one of the fastest growing neighborhoods in downtown Washington, D.C., Logan Circle. The property boasts outstanding demographics with over 416,000 residents with an average household income of over $157,000 within a three-mile radius. Neighboring national retailers include Whole Foods Market, Chipotle, Wawa, CVS Pharmacy and more.