​WASHINGTON – Transwestern today announces it has been retained by JOSS Realty Partners LLC as the exclusive sales agent for 2233 Wisconsin Ave. NW, a 150,315-square-foot, Class B+ office building with street-level retail in the Georgetown submarket of Washington, D.C. This core-plus asset is valued at approximately $39 million, providing an initial annual yield of 6.75 percent. Executive Managing Director Gerry Trainor of Transwestern’s Mid-Atlantic Capital Markets Group is the lead listing agent.

The building is 87.4 percent leased with an average remaining lease term of approximately five years. The property is occupied by a diverse array of tenants, including the administrative arms of Children’s National Medical Center and MedStar Health, multiple embassies and various professional service providers. Additionally, 20 percent of the property is street-level retail allocated to casual dining and lifestyle establishments, including Einstein Bros. Bagels, CorePower Yoga, ACE Hardware, Breadsoda Deli and Billiards, Theodores Furniture, and Eivind and Hans of Georgetown Salon and Spa.

“This property is an excellent investment opportunity,” said Trainor. “It is strategically positioned in a Class A location with high barriers to entry and offers stable cash flow with upside potential through the lease-up of existing vacancies and the renewal of existing below-market leases to market rates. Furthermore, the site permits an additional 40,000 square feet of residential development, providing long-term upside.”

The office and retail markets have tightened in Georgetown, prompting rents to increase more than 7 percent in the last year, according to Transwestern research. As of first-quarter 2016, the Georgetown submarket’s office and retail vacancy rates were 5.3 percent and 3.6 percent, respectively – down from the seven-year average vacancy rates of 7 percent for office and 5.1 percent for retail.

Transwestern’s Mid-Atlantic Capital Markets Group focuses on investment services throughout the Washington, D.C., region, providing clients with exceptional service and market knowledge. During the past 24 months, the group’s transactions have exceeded $1.8 billion in aggregate value. The team’s success is a direct result of detailed underwriting and keen understanding of the local, national and international investment communities. For more information, visit the Mid-Atlantic Capital Markets Group website or call Trainor at 202.775.7091.

ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.

 

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Sabina Gill
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