Washington, DC – The principals of Rock Creek Property Group announced today that they have sold 1438 U Street, NW, a two-story building in the white-hot 14th and U Street corridor of Washington, DC. The property was sold to the Republic of India for $5,750,000, or $467 per square foot, based on the total building size of 12,325 square feet, which includes two stories plus a small lower level. Rock Creek first acquired the property in December 2010.
Over its initial 18 months of ownership, Rock Creek examined a number of redevelopment alternatives for 1438 U Street, NW, which included a comprehensiveplan to reposition the asset as residential and add several stories of housing.
In the end, however, Rock Creek opted for its original business plan, which involved strategic interior renovations and then a sale to a user-purchaser who would occupy the entirety of the project for its own use. The Republic of India was just that purchaser and intends to utilize the property as a state-of-the-art cultural center.
"The property’s location and special attributes are without equal in this corridor,” stated Rock Creek’s Gary Schlager, one of the firm’s principals. “Large, efficient floors sizes, exposed brick, and 10-20 foot ceilings are rare and really differentiated this opportunity in the market. We are just thrilled to see the property find the perfect fit in its new owner, the Republic of India, who will invest the requisite capital for its own use and to the benefit of the surrounding, growing community.”
1438 U Street, NW was acquired on behalf of Rock Creek’s Opportunity Fund, which has acquired seven assets in the District of Columbia and in strategic locations in Virginia and Maryland.
Recent Rock Creek acquisitions have included 810 5th Street, NW in the heart of Gallery Place/Chinatown, the 88-unit Takoma Flats just off Georgia Avenue, NW and 1100 16th Street, NW, a newly developed single-user headquarters building located just steps from the White House.
Rock Creek currently has more than $100 million of ongoing projects in all stages of the development cycle and acquires properties either directly or through joint ventures with other operators and development partners.
About Rock Creek Property Group:
Rock Creek Property Group, founded in 2002, is a commercial real estate company based in Washington, DC. Its principals own a diverse portfolio of office, industrial, multi-family and retail properties in the mid-Atlantic region. Over the years, Rock Creek’s principals have acquired several hundred million dollars worth of commercial properties. The firm is currently a net buyer, actively deploying its Opportunity Fund and other sources of capital. For more information, please visit us online at www.rockcreekpg.com.