MRP Puts Washington Harbour On the Block
The recently renovated Washington Harbour site is for sale. AsMRP Realty and partner Rockpoint Group test the water, what kind of return will the property get? And will the buyer pay for fountain by the square foot or total droplets?
Credit to our friends at the Business Journalfor first reporting that the property is on the market. Our own sources tell usthe 533k SF site is a "totally unique asset situated on the waterfront," and could yield a cap rate in the mid-5% range. Favorable debt markets, the site's live-work-play feel, and proximity to Georgetown should resonate with potential investors. But the source also tells us the size of the deal--financially and physically--could be a constraint for some interested buyers.