A local real estate investor has acquired 3131 M Street NW, a retail property occupied by Levain Bakery in Washington, D.C.’s Georgetown neighborhood, for $8.25 million, according to SRS Real Estate Partners, which facilitated the deal.
The sale of the 3,250-square-foot property, at $2,538 per square foot, marks the highest price per square foot for an urban retail-occupied property in D.C. in the past decade, according to CoStar Group.
SRS Executive Managing Director Andrew Fallon noted that the buyer was a local real estate investor attracted to the irreplaceable and highly adaptable real estate, and the seller was a local real estate investor specializing in buying and stabilizing distressed real estate.
The one-story property in the heart of Georgetown, where retail space is hard to come by, houses Levain Bakery, a popular New York-based chain that entered the D.C. market late last year. Customers are known to wait in lines around the block to get their specialty cookies.
“This Levain Bakery-occupied asset in Georgetown is a perfect example of the new pandemic-driven demand for quick-serve, low-contact dining choices,” Rick Fernandez, an SRS senior managing director, said in prepared remarks. “The prime, urban street-level storefront with a sidewalk full of pedestrians provides predictability of the income stream for the investor.”
Since the pandemic began, SRS’ National Net Lease Group has closed approximately 600 transactions valued at more than $2 billion.