Dupont Circle Starbucks building in D.C. sells for $16.2 million.
- March 17, 2014
A private equity group looking to expand its ownership of prominent urban properties in key markets across the U.S. bought the Starbucks building at Dupont Circle in Washington, D.C., for $16.2 million. The sale, closing at more than $1,672 per square foot, broke the record for a triple-net lease retail investment property handled by the Reston-based Calkain Cos.
Calkain Urban Investment Advisors represented the seller, LaKritz/Adler Development, in the transaction.
“The Starbucks Building at Dupont Circle is one of the top two retail corners in the city and the premier retail property directly on the busiest and most prominent corner of Dupont Circle,” Rick Fernandez, managing director of Calkain Urban Investment Advisors, said in a statement. “It is at the heart of the commercial district within one of the most pedestrian-friendly neighborhoods in America, central to the entire D.C. metro region. The fully leased property offered the buyer the rock solid credit of the flagship Starbucks location for Washington, D.C. as the anchor retail tenant along with highly adaptable floor plates suitable to a variety of retail and office uses.”
Calkain Cos. is a commercial real estate brokerage that handles buying and selling of single and multi-tenant net-leased properties. It has multiple office locations throughout the Mid-Atlantic, Southeast, Northeast and Midwest.