ROCK CREEK PROPERTY GROUP ACQUIRES PROPERTY IN WASHINGTON, D.C.

WASHINGTON, D.C. — Rock Creek Property Group has acquired 1438 U Street N.W. in Washington, D.C. The two-story building sold for $2.75 million or $229 per square foot. The buyer plans to fully renovate the property, which was originally built for the United States Post Office, into retail, office or mixed-use tenancy. The property measures 12,000 square feet with a total mixed-use development potential of approximately 25,000 square feet. Rock Creek utilized its fund, Rock Creek Fund Investors I, for all equity associated with acquisition.