Stout & Teague Sells 1135 Okie St, NE

One Eight Distilling on Okie Street

Stout & Teague Sells 1135 Okie St, NE

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Aug 31, 2013
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Stout & Teague has long provided property management services and advisory service to Pascal Family Limited Partnership for a portfolio of industrial properties in DC and Virginia. The client tapped Neel Teague and Mike Gordon to identify a buyer for their 24,500 sf warehouse/ flex building on Okie Street, NE in D.C.’s Ivy City neighborhood. The neighborhood, situated behind Gallaudet University and along the New York Avenue corridor has become a hot spot for the D.C. burgeoning craft brewery and spirits industry. Stout & Teague repositioned the building as a retail/showroom place, negotiated a space reduction and lease modification of an existing tenant to straddle the use/investor market, and identified a craft distillery buyer for the property who found the combination of available space plus lease income for the balance of the building an attractive combination. The buyer, Sweetwater, LLC, purchased the property unrenovated for nearly $100 psf – a new high for the area. The overall submarket is being helped in its revitalization by projects which include Eden’s Union Market at Gallaudet University and Douglas Developments redevelopment of the Hecht’s Warehouse on New York Avenue into over 200k sf of retail space and 350+ residential units. Special thanks to Tony Lofrumento of Summit Commercial Real Estate who represented Sweetwater, LLC in the transaction. Stout & Teague continues to manage the property for the new owner.