FEDEX/KINKOS CONDO CLOSED IN NATION’S CAPITOL BY CALKAIN COMPANIES
LANDLORD FINDS VALUE IN BUILDING’S GROUND FLOOR
Reston, VA - Calkain Companies, a national real estate investment brokerage firm, has procured the sale of a FedEx/Kinko’s retail condominium in downtown Washington, DC. Located in the highly sought after area of Logan Circle, the unique retail condominium increased the intrinsic value of the space which was once deemed extraneous in the landlord’s underwriting.
David Sobelman, Vice President of Calkain Realty Advisors, the private market division of Calkain Companies, represented Metropolis Development Company, a DC based developer, in the transaction. The purchaser, Gould FDX, LLC, represented themselves in the transaction which totaled roughly $1,850,000.
“The influx of retailers to the DC metro area, who are following palpable increases in demographic trends, is astounding and the highly sought out downtown location was extremely attractive to the New York based investor,” explained Sobelman. Scott Pannick, Chief Executive Officer of Metropolis said, “Having the flexibility to monetize ground floor retail space has been a terrific benefit to our projects.”
“We are committed to providing the residents of our buildings with services that accommodate their lifestyles, and the tenancy in our projects is a key component of the overall concept,” Pannick continued.
Calkain is a full service real estate brokerage firm with a national scope focusing on single and multi tenant retail, industrial, hotel and office net leased transactions.
Metropolis Development Company was founded in 1998 with a vision to create exciting communities that go far beyond the ordinary "white box" architecture found in Washington DC's residential buildings. Currently it is developing five District residential and retail projects.
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