100% leased asset in SE Washington, D.C. Corridor features mixed-use zoning classification
Washington, D.C. (July 31, 2018) – EDGE Commercial Real Estate’s Capital Markets Group has brokered the sale of the Fort Davis Center, a 44,000 square foot mixed-use community center located in Washington, D.C. for $13.48 million to Penn-Bama, LLC. Joe Friedman, Partner and Kelly Lawrence, Senior Advisor of EDGE Capital Markets Group represented the seller, Atlas West End Ft. Davis LLC and procured the buyer in this sales transaction. Friedman and Lawrence originated the transaction while both worked at Metropolis Capital Advisors.
Positioned at 3863 Alabama Avenue SE, Fort Davis Center is a two-story, 100% leased, mixed-use community center featuring complementary commercial office, retail and medical uses including the District of Columbia Department of Human Services (DHS), KRA Corporation, KRA Corporation, Fort Davis Dental Associates and Children’s National Health System.
“The new owner acquired a well-maintained and stabilized asset featuring long-term tenant commitments in an emerging section of Washington, D.C. with a high barrier to entry,” stated Joe Friedman of EDGE DC. “Fort Davis Center includes tenants that provide essential services to the local community and the asset is expected to increase in value over the long-term.”
Constructed in 1949, Fort Davis Center was the recipient of several extensive renovation and capital improvement programs between 2007 and 2013, valued at more than $1 million in investments. Upgrades included a full façade renovation, roof replacement, an upgraded lighting package and partial sewer replacement. Approximately 60 free parking spaces are included on a surface lot.
Fort Davis Center is situated approximately three miles from downtown Washington, D.C., eight miles from National Harbor and eleven miles from Alexandria and Arlington, Virginia. More than 26,000 vehicles pass the site on a daily basis from its intersection at Alabama and Pennsylvania Avenues and the center services more than 70,000 residents of Ward 7. Nearly 240,000 people, among nearly 100,000 households reside within a three mile radius of the site.
“This acquisition has given us an opportunity to invest in this vibrant community which is continuing to attract business and development,” said Joe Mamo, Founder of Penn-Bama, LLC. “We are proud to be a part of Ward 7’s revitalization.”
Ward 7/Southeast Anacostia will be the beneficiary of numerous high-profile development projects that are scheduled to deliver thousands of new residential units to the area. These include The Shops at Penn Hill, a renovation of the Penn Branch Shopping Center that will infuse 100-150 new residential units and more than 50,000 square of retail and office space; Skyland Town Center, a mixed-use project featuring nearly 500 residential units and 250,000 square feet of retail space; and Parkside, among the largest planned developments in the DC area with 1500 residential units and 800,000 square feet of office and retail space.