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The construction boom around the future Purple Line station in Bethesda appears to be driving up property values.
Potomac Land Investment Co. sold the office and retail building at 7235 Wisconsin Ave. NW for $8.1M to Guardian Realty.
The 21K SF property features a PNC Bank and adjacent office space. It sits directly across the street from the 937K SF high-rise, mixed-use development Carr Properties is building atop the future western terminus of the Purple Line. Next to that project, JBG Smith is nearing completion on a 281K SF office building.
Fraser Forbes Vice President Dave Wagner, who represented the seller along with Fraser Forbes CEO Rich Samit, said not a lot of properties have been hitting the market in that area, but the ones that do are achieving strong pricing.
"Prices are definitely going up," Wagner said. "It's right across from the new Purple Line station and Carr's office and residential project. That's where it's at right now."
Guardian Realty also owns the seven-story, 149K SF office building next door at 7201 Wisconsin Ave. Guardian Realty President Anthony LaBarbera said the firm does not have plans to redevelop the newly acquired low-rise retail and office building, describing it as an investment property.
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