Washington, DC, August 7, 2013 – CBRE Investment Properties arranged the sale of 1628 11th Street NW, a prime investment opportunity in Washington, DC. The building was acquired from the National Alliance of Postal and Federal Employees by Fortis, a DC-based real estate investment and development company, for $5.5 million.

“This property presented a terrific investment opportunity in one of the hottest markets in the nation’s capital and attracted significant attention from regional developers, investors and occupiers looking for a value-add opportunity in a land-constrained market.” said CBRE First Vice President Marc N. Rampulla, who represented the National Alliance of Postal and Federal Employees in the transaction.

Built in 1983, the 27,871 square foot building sits on a 0.23 acre parcel with both underground and surface parking. Fronting 11th Street just south of the intersection with R Street, the property is strategically located between two of DC’s most popular 24/7 neighborhoods, Logan Circle and the U Street Corridor, just steps from some of the city’s newest and most popular shops, restaurants, and multifamily residential communities.
The National Alliance of Postal and Federal Employees is expected to relocate following a one year leaseback term. Fortis is currently working on a residential redevelopment plan.