Any property within a block or so radius of DC USA (which we snapped yesterday) can command high rents of
$50 to $60/SF, Joe adds, since the center's high-density foot traffic complements everything else around it. But why is the future
so bright in Columbia Heights? Joe says that while retail space adjacent to the Metro is largely
built-out, there are tons of
residential units in the pipeline within walking distance along the 14th Street Corridor or to east in Petworth. It'll take
high-end retailers to finally open up shop in Columbia Heights to really see things grow though, he says (which is
likely as more high-end residential delivers and the neighborhood
fully matures over the next 10 years. (The Prince of Petworth needs a classy place to buy his robe and scepter.)
Joe (a Columbia Heights
resident himself for the last five years) says investors from
New York to California were interested in the 100% leased 1401 Columbia retail condo. Here's more perspective on how hot the corner of 14th and Columbia is: 1401 Columbia's Sprint store was previously occupied by a Chinese sub/seafood restaurant paying rent in the
mid-$30s/SF. When Sprint moved in
this past spring, they signed at a rent
over $60/SF. (That may be why they never laugh when we order the General Tso's iPhone.)
Work out or ride the Metro? We call this photo: Life Choices. Retail spaces
lease up quickly in Columbia Heights, too, Joe tells us: "If one store goes out of business, it can take as soon as a month to re-tenant," he says, though a large block in the '
burbs might take a year or longer to lease back up.
We've got a couple of new lease deals to report, thanks to our friends at CompStak. First up: IBM has renewed its 9,700 SF space at Penzance's 2000 N. 14th St in Courthouse, where we're told Big Blue will be paying rent in the mid-$30/SF range.
And over in Germantown,
Advanced Pain Management Services is moving to its
11.5k SF space at Minkoff Development's
brand-newShops at Seneca Meadows project, in a deal brokered by Scheer Partners'
Kevin Rosenberg (left) and
Nate Crowe (center). Kevin tells us the medical group will move in
Dec. 1. (In time to buy a Christmas gift card for the achy person in your life.) He also adds there's tons of activity at the Shops due to its anchor,
Wegmans, which is scheduled to open Sept. 15. (The Wegmans salad bar is our personal form of pain management.)
Y'all are
busy this summer. And it's good to see that a lot of you are busy
giving back, such as Cooper Carry's
Flo Williams (second from right). Flo just returned from
Dharamsala, India, where she spent
three weeks volunteering through the Cross-Cultural Solutions program. She spent time at a
daycare center caring for some of Dharamsala's young children. Well done, Flo!
Real estate was
well represented at last night's
Nats game (a thrilling 6-5 victory over the Giants): snapped here enjoying Jordan Zimmermann outpitching Tim Lincecum: Foxhall Partners'
Brian Friedman with wife
Robin and son
Lawson, Broadwater Capital's
Marc Schuman with wife
Julie and son
Max, Gelman Companies'
Randall DeRoven (in the back), and Foxhall Partners'
Jill Phaneuf.
