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Sunday, June 22, 2014

Rock Creek Property Group Sells 5185 MacArthur Boulevard, NW in Washington, DC to Lakritz Adler Real Estate Investment for $14,925,000

Rock Creek Property Group announced that it has sold 5185 MacArthur Boulevard, NW in Washington, DC to Lakritz Adler Real Estate Investments for $14,925,000, or roughly $347 per square foot, in a transaction that closed on June 13, 2014.

C-based Rock Creek owned the three-story, 43,000-square-foot office building with ground-floor retail near the District of Columbia-Maryland border for approximately nine years, according to Gary Schlager, a Partner with the commercial real estate investment company.“We are very happy with the outcome and can say with confidence that the buyer acquired one of the best mixed-use assets in the Uptown submarket, and the best property in the Palisades,” he says. “We congratulate Lakritz Adler on making this purchase.”

osh Adler, a Principal and Managing Partner with DC-based Lakritz Adler, a real estate investment, development and management company, says that his firm may put some renovations into the fully leased building, whose tenants include Starbucks and UPS.

“We are extremely pleased to have acquired 5185 MacArthur Boulevard, NW,” he says. “This property is a diversified income transaction that had more attractive income characteristics than deals taking place further downtown.”

Rock Creek’s sale of 5185 MacArthur Boulevard, NW comes just two weeks after the firm and its joint venture partner, Cornerstone Development Group, paid $4,525,000 for 646-654 H Street, NE, a prime development site in the District of Columbia consisting of about 7,000 square feet of land and 8,000 square feet of commercial properties in five separate structures.Plans for 646-654 H Street, NE are to develop a first-class, mixed-use, 30-plus-unit residential condominium project with approximately 6,000 square feet of ground-floor retail space.

Other recent and ongoing Rock Creek developments include 1100 16th Street, NW, located just a few blocks from the White House, 810 5th Street, NW in the heart of Gallery Place/Chinatown, the 88-unit Takoma Flats just off Georgia Avenue, NW and The Shelby @ Huntington Metro, a 240-unit, joint venture, ground-up development. Rock Creek currently has more than $100 million of ongoing projects in all stages of the development cycle and acquires properties both directly and through joint ventures with other operators and development partners.

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. For more information, please visit