WASHINGTON, Nov. 24, 2014 /PRNewswire-USNewswire/ -- Madison Marquette, a leading commercial real estate investment and operating company, today announced the sale of the Navy Yard Car Barn located at 770 M Street SE in Washington, D.C. Affectionately known as "The Blue Castle" by local residents, the 100,000 square foot building located in the rapidly growing Southeast quadrant of the city, was constructed in the late 1800s as a car barn for the trolley line. Brokered by Cassidy Turley, the sale price represented a significant premium to the purchase price paid by Madison Marquette just six years ago.
"We are very pleased to have contributed substantial value to this historic property," said Amer Hammour, Chairman of Madison Marquette. "The Navy Yard Car Barn is another example of Madison Marquette's capabilities in transformative value creation for once under-valued urban locations, and also in the company's commitment to creating a commercial and community success story that benefits all Washingtonians," Mr. Hammour added.
"Madison Marquette's strategy of carefully selecting properties in urban areas primed for renewal has shown success in example after example. The Navy Yard Car Barn represents another acquisition that we successfully managed, marketed and also sold advantageously," said David Brainerd, Madison Marquette's Chief Investment Officer. "Our skill in assessing exactly which properties offer substantial potential yields also allows us to both benefit from and contribute to emerging neighborhoods' future growth and prosperity," Mr. Brainerd added.
Madison Marquette acquired the asset in 2008 recognizing its potential to benefit not only from the enormous expansion in employment from neighboring Washington Nationals Stadium and the Navy Yard, but also from significant increases in visitation and population growth within the market area. In order to capitalize on growing demand for office space in the Capitol Riverfront area, 770 M Street was effectively positioned as a centrally located address with proximity to important commercial- and government-related entities. The property was fully leased when sold.
Madison Marquette has spent more than two decades creating exciting and innovative mixed-used and retail real estate properties. The Navy Yard Car Barn's success is another hallmark of the company's unique vision in recognizing enduring value even in the face of a challenging local and national economic climate. Madison Marquette is also a developer of The Wharf, one of the nation's largest urban waterfront mixed-use projects that is serving as a new benchmark for dynamic urban renewal within the Capital.
Madison Marquette is a private commercial real estate investment and operating company that specializes in high-quality retail and mixed-use projects primarily in urban, infill bi-coastal markets. Using a multi-disciplinary place-making approach that blends value enhancement activities and best practices in leasing, development, marketing and property management, the company successfully repositions real estate assets in high density markets across the United States. Leveraging this integrated skill set, the company also identifies opportunities in emerging urban districts to turn them into better performing, higher yield assets. For more information on Madison Marquette, please visit www.MadisonMarquette.com.
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SOURCE Madison Marquette