Tagged: purchase

LaKritz Adler Purchases Office Building on DC-Maryland Border

LaKritz Adler Development, LLC pic

LaKritz Adler Development, LLC
Image: lakritzadler.com

Robb LaKritz leads LaKritz Holdings, LLC, as chairman and also guides numerous building and historic renovation projects across the nation’s capital as chairman of LaKritz Adler Development, LLC. In 2014, he undertook the high profile sale of the Starbucks Building on Dupont Circle for more than $16 million. Robb LaKritz subsequently engineered the $14.9 million acquisition of an office building at 5185 MacArthur Blvd., on the Maryland-Washington DC border.

The off-market transaction was for a building that spans 43,000 square feet and has tenants such as UPS and Starbucks on the ground floor. One of the Uptown submarket’s premier mixed-use properties, the building was described by a LaKritz Adler Development executive as offering superior income characteristics when compared to deals occurring toward downtown.

The previous owner Rock Creek Property Group managed the property for nearly a decade, among a diversified portfolio spanning residential and commercial properties. With the property having been renovated approximately 15 years ago, LaKritz Adler Development is considering additional renovations that will make the property even more attractive.

The Purchase of the MacArthur Professional Center

Robb LaKritz As the chairman of LaKritz Holdings LLC, Robb LaKritz oversees real estate investment initiatives. Robb LaKritz also serves LaKritz Adler Real Estate Development, a company he co-founded, as a managing member.

In 2014, Rock Creek Property Group, following its acquisition of five commercial properties, sold the MacArthur Professional Center to LaKritz Adler. Rock Creek had purchased the three-story building in 2005 for $10 million. Located in close proximity to the Maryland-Washington border, the MacArthur Professional Center has a history dating back to the late 1960s and has since undergone renovations. Due to appreciation, Rock Creek transferred ownership to LaKritz Adler in exchange for nearly $15 million.

The building comprises 43,600 square feet, providing businesses with office space and retailers with storefronts. As of its acquisition, the center was home to a Starbucks as well as Brookville Pharmacy. Its other tenants included Interplan and John I. Haas.