McBride Real Estate Services, Inc. of Washington, DC was the sole broker on the recent $14.4 million sale of a landmark office building at 1718 Connecticut Avenue, NW in Washington, DC. Richard McBride and Roy Ayers represented both the seller, PRI, Inc., headed by local investor Nicholas Papadopoulos, and the buyer, an entity operated by telecommunications executive Dave Schaeffer.
Built in 1982, the 47,569 gross square foot office building is fully leased. Office tenants include the law firm of Katz, Marshall & Banks, Policy Study Associates, Electronic Privacy, and Martell & Associates. Bethesda Bagels restaurant occupies street-level retail space along with A Brighter Image.
“This transaction puts the commercial real estate market on notice that the ten-year-old McBride firm has established an investment sales expertise, in addition to its well-known specialization in tenant representation,” said Richard J. McBride, Jr., President.
“The principal challenge in selling this asset as the front end of a 1031 exchange was structuring a transaction that gave the seller flexibility in timing of the closing. In addition to finding a buyer, we wanted to identify and negotiate the purchase of a suitable exchange property,” McBride continued.
“At the same time,” McBride noted, “the seller wanted to maximize the sale price and have the purchaser assume approximately $4.5 million of existing debt. To meet these objectives, the McBride team marketed the property to pre-qualified investors active in the Washington, DC metropolitan area, while simultaneously searching for prospective exchange properties.”
At the end of the process, said McBride, the company identified Dave Schaeffer, who co-founded Cogent Communications, as the most qualified buyer, while the seller targeted a fully leased warehouse in Hagerstown, MD as the exchange property.
McBride Real Estate Services, Inc., located in Washington, DC, provides real estate solutions that champion clients’ business objectives. Specializing in tenant representation, McBride provides a full complement of real estate services including acquisition and disposition of leased and owned facilities, lease audits, lease administration, strategic planning, enterprise integration, and project management. The firm’s highly experienced partners have backgrounds in law, finance, architecture, and construction. Through its strategic alliances, MRES supports clients with the resources of almost 200 employees for all key planning, transaction, and implementation needs. Since its founding in 2002, MRES has represented tenants in leasing over two million square feet of property in the Washington, DC metropolitan area. For more information, visit www.mcbrideres.com.