New development site comes on market in Washington, D.C.
Transwestern’s Institutional Commercial Group has been retained to market a development site along New York Avenue in Washington, D.C. The nearly 15-acre parcel has a potential density of 3.5 million floor square feet and is expected to attract bids of up to $70 million.
According to Transwestern, the New York Avenue Corridor is transforming into a vibrant live-work-play community at the gateway to D.C. With about 7 million square feet of development proposed along the corridor within the next five years, the site provides developers and investors an opportunity to enter an up-and-coming submarket.
The parcel is near downtown Washington. It’s adjacent to the U.S. National Arboretum, which draws nearly 4.4 million people annually, and is within two miles of Union Station, which provides regional transportation via Metrorail, Amtrak, VRE and MARC commuter rail services.
Transwestern’s Washington-based Institutional Commercial Group focuses on institutional investment services. In another deal for the group, Gates Hudson has retained Transwestern as the exclusive sales agent for Waterfront Center, a two-building office property in Old Town Alexandria at 801 N. Fairfax St. and 209 Madison St.
Waterfront Center I and II total 148,480 square feet and are currently 69 percent leased to 15 tenants. With an average remaining lease term of more than six years, Transwestern says the tenant base provides investors with immediate, stable cash flow and a long-term opportunity to redevelop the site into a residential or hospitality use.
Waterfront Center is within walking distance of Old Town Alexandria’s restaurant, bar, nightlife and retail destinations. Located along the banks of the Potomac River, the property offers panoramic river views and is close to downtown Washington and Ronald Reagan Washington National Airport.