An affiliate of Unizo Holdings Co. Ltd. has sold a 12-story office building in Capitol Hill for $24.5 million less than it paid for the property less in 2016.
The Tokyo-based real estate investor sold 50 F St. NW Tuesday for $85 million to an affiliate of Penzance Cos., according to the D.C. Recorder of Deeds. Unizo bought the 266,907-square-foot building in fall 2016 for $109.5 million as part of a larger buying spree. The sales price amounts to roughly $318 a square foot.
That’s a reasonably short hold period for a D.C. investment property, especially one that has sold for that much less than its acquisition price. The sale price also comes up short of the property’s taxable assessment, which is nearly about $87.9 million, according to the D.C. Office of Tax and Revenue.
The sale could indicate at least a partial wind-down of Unizo’s D.C. holdings, as it is also seeking buyers for 1100 First St. NE and considering selling 820 First St. NE, according to sources familiar with the firm.
Representatives…Read the full story from the Washington Business Journal.