{"id":1004122403,"date":"2015-07-01T20:14:35","date_gmt":"2015-07-02T04:14:35","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=354015"},"modified":"2020-04-15T03:39:21","modified_gmt":"2020-04-15T11:39:21","slug":"ny-company-expands-investment-pattern-into-d-c","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ny-company-expands-investment-pattern-into-d-c\/","title":{"rendered":"NY Company Expands Investment Pattern into D.C."},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">New York-based <a href=\"https:\/\/www.mosaicrp.com\/\" target=\"_blank\" rel=\"nofollow\">Mosaic Realty Partners<\/a>\u00a0expanded its Maryland portfolio with the acquisition of a commercial building in the nation\u2019s capital. It purchased the northeastern D.C. asset through an affiliate for $14.2 million.<\/p>\n<p style=\"text-align: justify;\">Mosaic is now the new owner of 705 Edgewood St., N.E., a two-story building constructed in 1955. The property occupies a 1.48-acre parcel in D.C.\u2019s Edgewood neighborhood. It offers a total of 72,209 square feet of office, flex and warehouse space.<\/p>\n<p style=\"text-align: justify;\">705 Edgewood Associates LLC was the seller. <a href=\"https:\/\/www.marcusmillichap.com\" target=\"_blank\" rel=\"nofollow\">Marcus &amp; Millichap<\/a> brokered the transaction. The team that represented 705 Edgewood Associates LLC consisted of Robert Filley, a senior director with Marcus &amp; Millichap\u2019s National Office and Industrial Properties Group; Josh Feldman, associate vice president of investments; and associate Benjamin Wilson.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.propertyshark.com\" target=\"_blank\" rel=\"nofollow\">PropertyShark<\/a> reports that 705 Edgewood St. last changed hands in 2004 for a little over $3.6 million. The property\u2019s current market value is about $7.8 million.<\/p>\n<p style=\"text-align: justify;\">\u201cThe building\u2019s proximity to the Rhode Island Avenue Metro station and the planned redevelopment of the Rhode Island Avenue shopping center, which is on the building\u2019s south border, drove demand for this net-leased asset,\u201d Filley explained in a news release.<\/p>\n<p style=\"text-align: justify;\">According to Marcus &amp; Millichap, 705 Edgewood St. was 65 percent occupied at the time of the sale, by the William E. Doar, Jr. Public Charter School for the Performing Arts. There are still 25,374 square feet of additional industrial\/flex space available for lease.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A New York-based company has recently expanded its Maryland portfolio with the acquisition of a commercial building in the nation&rsquo;s capital. It purchased the northeastern D.C. asset through an affiliate, for $14.2 million.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[],"class_list":["post-1004122403","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NY Company Expands Investment Pattern into D.C. - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ny-company-expands-investment-pattern-into-d-c\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NY Company Expands Investment Pattern into D.C.\" \/>\n<meta property=\"og:description\" content=\"A New York-based company has recently expanded its Maryland portfolio with the acquisition of a commercial building in the nation&rsquo;s capital. 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