Georgetown Property Trades at Record Rate

McLean-based Capital One recently purchase the prime Georgetown property located at 3150 M NW for $50.2 million ($5,720/sf), according to Washington Business Journal. The sale of the 8,769sf retail building breaks the record for a non-redevelopment transaction in DC, according to the report (citing CoStar). Sagamore Development, the development arm of Under Armour founder Kevin Plank was the seller. Sangamore purchased the property in 2014 for $12.2 million and proceeded to renovate the building and create a new basement. The transaction included a ground lease for the adjacent property at 3146 M NW which was not included in the $50.2 million purchase consideration.

3150 M NW – Photo: PoPville

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