Brookland Plaza, the strip mall located along 10th Street NE near Michigan Ave and Turkey Thicket has been purchased for about $5.5 million dollars, according to this story in the Washington Business Journal. The development firm that purchased the shopping center, Urban Investment Partners, has thus far been a predominately residential developer. However, according to the story, it is likely to remain a retail location, after some improvements. From the story:
The site could potentially be redeveloped into a couple hundred residential units but UIP did not acquire the property for its redevelopment potential, Schwat said.
UIP is planning to make some modest improvements to the center and believes part of the long-term value from the site will come from increasing rental rates as the Brookland sees more development activity with the Catholic University of America as its anchor. The older rental rates in the center, which includes a number of independently owned retail stores and restaurants, hover at around $15 per square foot, but Schwat said he expects new leasing activity will come in at twice that.