Rock Creek Property Group Buys Properties Gospel Rescue Ministries-Owned Buildings, Plans Redevelopment
- Feb 18, 2013
Rock Creek Property Group, a commercial real estate investment company founded in 2002, on Feb. 12 announced the acquisition of two adjacent buildings in the heart of Washington, D.C.’s Gallery Place/Chinatown neighborhood.
Constructed in 1932 on a 0.22-acre parcel, 808 and 810 Fifth St., N.W., total approximately 31,000 square feet. They are located within blocks of the Verizon Center and the Walter E. Washington Convention Center, and close to the Gallery Place/Chinatown Metro transit station.
The properties were purchased from Gospel Rescue Ministries of Washington, D.C. Rock Creek acquired the buildings through its Rock Creek Fund I Investors L.L.C. for just under $6 million, or $192 per square foot. The deal closed on Jan. 28. It was the fund’s sixth investment.
CBRE Group Inc. arranged the sale. Marc Rampulla, a first vice president of CBRE, represented the seller in the transaction. “The marketing process generated more than 10 written offers from local and national investors and concluded with a live auction for the finalists. Such dynamic interest demonstrates the aggressive attention that Washington, D.C., continues to attract from across the country. The East End demographics, amenity base and infrastructure continue to support redevelopment and long-term growth,” he said in a statement.
Rock Creek Property Group wants to convert 808 and 810 Fifth St., N.W., into a first-class, 50-unit residential development. The plans also include preserving the historical significance of the buildings and their surroundings. Rock Creek is also considering several other uses for the properties, such as university housing, corporate housing for the growing surrounding base of national law firms, and clinical/office use for faith-based and other non-profit organizations.
Photo credits: Rock Creek Property Group