Choi Cos. has sold a 90,000-square-foot office building in northeast Washington, D.C., for $23.3 million to private investor Kim Myung. According to Yardi Matrix, the buyer secured a $15.6 million permanent loan for the acquisition, from Wilmington Savings Fund Society. Greysteel arranged the transaction.
Located at 1818 NE New York Ave., the two-story asset sits on 3 acres and is directly across the street from the Douglas Development’s NewCityDC redevelopment project. The Class B property is roughly 4 miles from downtown D.C. and 8 miles from Ronald Reagan Washington National Airport.
Built in 1937 as an industrial property, the structure was converted into an office building in 1995 and renovated in 2005. The multi-tenant asset features retail space on the first floor and 143 grade-level parking spaces, with a parking ratio of 1.61 spaces per 1,000 square feet. The tenant roster includes A Digital Solutions, Life Enchantment Services, Aqua Bar and Lounge, First Choice Masonry and Hugee Corp., among others.
The transaction team was led by Greysteel Director Benjamin Wilson and Investment Associate David Choi from the firm’s D.C. commercial team.