Washington – The property is one of the "top two retail corners in the city."
Calkain Urban Investment Advisors has sold the Starbucks Building in the capital’s Dupont Circle for $16.25 million, or $1,672 per square foot and a 4.3 percent cap rate, to a private equity group. The property, owned by LaKritz/Adler Development, is a net-lease investment and fully leased. The two buildings, one of which houses the first Starbucks to open on the East Coast, is comprised of both retail and office. “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,” Calkain Urban Investment Advisors Managing Director Rick Fernandez says. “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 buyer was Harbor Group International, and Fernandez and David Sobelman, executive vice president and managing partner at Calkain Companies, represented the seller in the transaction.Washington –
— Scott Reid