Marcus & Millichap negotiated the sale of the 2.4-acre Children’s Museum property in Washington, D.C.
The 130-year-old building commanded a total sales price of $24 million.
Stacey Milam and Janie Bjork, investment specialists in the firm’s Washington, D.C., office, secured and represented the buyer in the transaction, D.C.-based housing developer Jim Abdo.
The Children’s Museum has operated at the site, located east of Union Station at H and Third streets, for the past 25 years. The city’s planning office has recommended the development of 500-plus housing units over the next 10 years at the site. Abdo plans to restore the architecture and develop the property into high-end condominiums. The sale and proposed development represent the largest single investment in the H Street area since the planning office released its long-term development plan last year, according to Milam.
The Children’s Museum is moving to L’Enfant Plaza, two blocks south of the Mall. After a substantial renovation, the facility will open to the public in 2008.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
***
What’s your opinion? Send your Letter to the Editor to newsroom@inman.com.
