Real Estate: Georgetown’s Only Drive-Thru Building For Sale
By • June 12, 2023 0 1303
Feldman Ruel Urban Property Advisors has announced the sale of 1729 Wisconsin Ave. NW, a four-level, mixed-use property. The address is the home of Georgetown’s only drive-thru building and sold for $3,075,000. It traded at 96 percent of list price and was 45 percent leased at the time of sale.
Josh Feldman, Ian Ruel and Adam Costanzo of Feldman Ruel had the exclusive listing to market the property on behalf of the seller, Fortified Property Group, a boutique real estate investment and advisory firm based in Bethesda and Los Angeles. The group bought the property at 1729 Wisconsin Ave. NW in 2019.
The first level and sub-level of 1729 Wisconsin were leased just before the seller and purchaser began their contract. A beauty and wellness retailer will move in and be open for business soon, specializing in organic and natural products. The first and sub-levels are leased through April 2028.
There are additional plans to renovate the two upper-levels into high-end multi-family rentals.
Feldman Ruel’s managing principal, Josh Feldman, has expertise that spans multiple urban property types including retail, office and industrial, mixed-use, multi-family and land up for development. Co-founder and Managing Principal Ian Ruel has experience with dealing with issues like significant environmental contamination, challenging and fluid tenant situations and the often complicated historic preservation requirements in the District.
