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Nikki Doke of Rock Creek Property Group

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Rock Creek Property Group Acquires 1438 U Street, NW

January 4, 2011 (Washington, DC)- Principals of Rock Creek Property Group announced today that they have acquired 1438 U Street, NW – a two-story building located in the burgeoning 14th and U Street corridor of Washington, DC.  The purchase price was $2,750,000 or $229 per square foot.  Rock Creek utilized its opportunity fund, Rock Creek Fund I Investors, LLC for all equity associated with the acquisition.  A full building renovation is planned. 

Originally built for the United States Post Office in the early 1900’s, the property measures 12,000 square feet with a total mixed use development potential of approximately 25,000 square feet.  The disposition strategy for Rock Creek is to redevelop the building into retail, office or mixed-use tenancy with all space being available for either lease or purchase. 

“This deal was like planes, trains and automobiles.  It was a long road with a little bit of everything along the way,” says Rock Creek’s Gary Schlager, one of the fund’s principals.  “We’ve been working on this acquisition for almost a year and had to manage a foreclosure, auction, contract assignment, tenant eviction, real estate tax liens, an out of town bank and everything in between..”

With so many bumps along the road, why exactly did Rock Creek Property Group continue to pursue this deal?  “This property is such a gem and well worth the time and effort,” Schlager says of one of the only existing 14th & U Street corridor properties of this size available.  “Most available spaces in this submarket are located either in small buildings amounting to less than 2,000 square feet or in planned developments delivering several years from now.  For a tenant to be able to lease or purchase 6,000-12,000 square feet immediately in this market is an extraordinary opportunity.” 

Rock Creek believes 1438 U Street will be a perfect fit for retailers, non-profit organizations and boutique law firms or other local service providers looking for a landmark headquarters location they can lease or own with an efficient floor plan, abundant window line, 15 foot ceiling heights and close Metro proximity.  The building is located only 1 ½  blocks from the U Street-Cardozo Metro station, is situated in one of DC’s most dynamic retail markets and is steps away from several hundred planned condominium residences. 

1438 U Street is Rock Creek Property Group’s second acquisition within their investment fund.  The fund completed its first purchase in 2009, the 32,000 square foot Pear Tree Village Center on Route 1 in Alexandria, VA.

Since 2002, Rock Creek has worked with more than 100 private investors and pension plans on individual investments in the $2 million to $20 million range. In total, Rock Creek’s principals have acquired several hundred million dollars of commercial properties, including office, industrial, medical office, multi-family, retail and urban-infill sites in and around D.C.

About Rock Creek Property Group:

Rock Creek Property Group, founded in 2002, is a commercial real estate investment company based in Washington, DC.  Its principals own a diverse portfolio of office, industrial, multi-family and retail properties in the mid-Atlantic region. Over the years, Rock Creek’s principals have acquired several hundred million dollars worth of commercial properties. 

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