SRS Real Estate Partners announced today the $2.95 million sale of a restaurant property NNN leased to Pupatella Neapolitan Pizza, located at 301 Massachusetts Avenue NE in the Capitol Hill neighborhood of Washington, D.C. The fully renovated 4,154-square-foot property also has 1,500 sf of patio space. Pupatella opened in the fall of 2024 and its delicious pizza draws patrons from across the Capitol Hill neighborhood.
SRS’ Washington, D.C. Capital Markets team led by Senior Vice President Rick Fernandez and EVP & Managing Principal Andrew Fallon represented the seller in the transaction, a New York City-based private owner. The buyer was a local private investor who purchased the asset with acquisition financing provided by Sandy Spring Bank.
“Pupatella opened its doors a year ago and has been a success story as people return to work on Capitol Hill and surrounding areas,” said Fernandez. “This transaction is a great example of the kind of vibrant business that is drawing investor interest back to D.C. especially as retail property buyers refocus on walkable, downtown assets with strong fundamentals.”
Fallon added, “We are seeing increased interest in our Washington D.C. listings, especially in the vibrant neighborhoods and High Street retail nodes where demand and occupancy remain strong.”
The property is located at the intersection of Massachusetts Avenue and 3rd Street and is walking distance to national landmarks and federal government buildings including the U.S. Capitol, The National Mall, Supreme Court, and the Library of Congress. With approximately 1.1 million sf of office space, the Capital Hill neighborhood averages a daytime population of more than 75,000.
“With retail vacancy rates at an all-time low, demand in the D.C. leasing market still remains very healthy – particularly in live-work-play corridors such as Capitol Hill, where strong tenant performance and rising rents continue to drive momentum,” said Arris Noble, Managing Principal with SRS Real Estate Partners.
The SRS team is currently marketing other NNN urban investment properties in Washington D.C. including a new construction Taco Bell serving the Navy Yard and Capitol Hill neighborhoods, the Casa De Montecristo cigar bar near Dupont Circle, and a mission critical distribution warehouse for the Gopuff grocery delivery service serving the Navy Yard and Anacostia.
In 2024, SRS Capital Markets completed approximately $2.5 billion in deal volume comprised of more than 600 transactions in 45 states. SRS currently has over 740 active listings with a market value of over $3.5 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.