Premier Participates in Tenley Hill Acquisition

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When Premier assisted a private client with the $8.5M sale of a warehouse property recently, the client sought a high quality 1031 exchange opportunity.  The retail and office space at 4725 Wisconsin Avenue in Washington DC fit the bill perfectly.  The property is 100% leased to a range of legal, PR, and professional service firms, and houses a well known language immersion preschool as well.

Premier represented the buyer and also managed every aspect of the acquisition from contract negotiation to financing to due diligence to closing.  The seller was PN Hoffman and financing was provided by Sandy Spring Bank.  The seller was represented by Rick Fernandez of The Calkain Companies.

Jonathan Cutler, Premier’s president, also took an equity stake in the property.  Premier Management Services, an Accredited Management Organization under the auspices of the Institute of Real Estate Managers, will manage the property for the ownership.