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LANDLORD REPRESENTATION

Landlord Representation

2323 PENNSYLVANIA AVENUE, WASHINGTON, DC

Capital Retail Group was hired by Chapman Development to lease the 7,500 square feet of first floor retail space in a new 118 unit apartment complex located in Southeast DC.

The Opportunity

There was not a single grocery store serving the community. Residents complained of a dearth of retail opportunities with many of the area’s residents traveling more than 5 miles to shop for basic items such as groceries.

The Challenge

In 2008-2009, retail expansion was virtually dead nationwide due to the recession. The outlook was bleak with reduced consumer spending and lack of available capital. While dense with residents, Anacostia remained an untested market for many retailers. Capital Retail Group worked closely with Chapman Development to identify city grants and tax credits available to retailers. Capital Retail Group quickly devised a plan to target grocers promoting the District’s Supermarket Tax Credit program. In addition, Capital Retail Group emphasized to retailers the economic benefits associated with locking in a long term low rental rate in an emerging neighborhood.

The Result

Yes! Organic Market was able take advantage of the District’s Supermarket Tax Credit program and secure a $900,000 Great Streets grant from the Office of the Deputy Mayor for Planning and Economic Development. The $1.4 million store, opened September 2010 and includes a sushi bar and deli. Residents now have a quality grocer for the first time since 1996.

THE SUMMARY

Transaction Type

  • Landlord Representation

Property

Website
2323 Pennsylvania Avenue, Washington, DC
7,500 square feet shell condition

Terms

10 year term with two 5 year options