Georgetown Retail Building Signs Patagonia, Then Sells For $10.5M
A Georgetown retail building has just sold for one of the highest-recorded prices per SF in D.C. history.
The Georgetown Renaissance Portfolio, a joint venture of Jamestown and Eastbanc, acquired the retail building at 3104 M St. NW, where Patagonia opened last week, from Acadia Realty Trust in a $10.5M deal posted Friday to the D.C. Recorder of Deeds.
The building totals roughly 8,700 SF, with a 5,862 SF retail space and a residential unit on top, bringing the deal to roughly $1,200/SF.
Outdoor apparel retailer Patagonia celebrated its grand opening in the building last Thursday, according to event details posted on Eventbrite. The California-based retailer moved out of its previous Georgetown location at 1048 Wisconsin Ave. in December.
The 3104 M St. building was occupied for nearly 50 years by restaurant and bar Mr. Smith's, which closed in 2014, reportedly due to rent increases. KLNB manages leasing for the property and its marketing brochure says the building was recently renovated. It includes about 2,200 SF of retail on the street level, 2,100 SF on the second floor and 1,600 SF on the third level.
CORRECTION, JAN. 29, 2:55 P.M. ET: A previous version of the story misstated the square footage of the building and the price-per-SF for which it sold. This story has been updated.