Cambridge Property Group Brokers $64M Sale of Mixed-Use Project in D.C.

by John Nelson

WASHINGTON, D.C. — Cambridge Property Group has brokered the $64 million sale of a 128,571-square-foot mixed-use development located at 1250 23rd St. in Washington, D.C.’s West End submarket. Built in 1989 and renovated in 2010, the property was fully leased at the time of sale with more than 75 percent of the tenants encumbered by leases exceeding 10 years. Galaxy 23rd Street LLC, a joint venture between Hartford Investment Management Co. and Galaxy Investments LLC, purchased the development from W/G 1250 23rd Street NW LLC. Transwestern represented the seller in the transaction. The new ownership has retained Cambridge Property Group to provide property management and leasing services for the project.

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