Private Investor Acquires 3323 Connecticut Ave NW Washington For $15M With Jonathan Hipp's Representation

The property involved in this transaction is a triple-net-leased CVS located at 3323 Connecticut Ave NW, Washington, D.C. The sale price for this asset was $15,000,000.00, and the building encompasses 8,754 square feet. The property has a history dating back to its origins as a pharmacy in the 1950s before becoming a CVS in 1990.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $15,000,000.00
• Square Footage: 8,754
• Address: 3323 Connecticut Ave NW, Washington, D.C.
• Seller's Representative: Jonathan Hipp, Avison Young
• Buyer: Private Investor
• Seller: Undisclosed family trust
• Location: Three miles north of downtown Washington, D.C.
• 1031 Tax-Deferred Exchange: Yes

Jonathan Hipp and Rick Fernandez of Calkain represented the seller in this transaction, highlighting their involvement in facilitating the sale on behalf of the undisclosed family trust. The buyer, a private investor, completed this acquisition as part of a 1031 tax-deferred exchange strategy.