The final days of any year typically feature a wave of deals closing in the commercial real estate investment sales market, and 2020 was no exception.
While the investment sales market was slow throughout 2020 because of the coronavirus pandemic, a string of major D.C.-area deals closed in the final weeks of December. Bisnow found deed records for 10 sales, each more than $30M, that closed between Dec. 16 and Dec. 31 for a combined $743M.
The majority of the deals are office properties, but they also include the sales of an industrial distribution facility, a shopping center, an apartment community and a hotel. They span from Reston to Downtown D.C. to Upper Marlboro.
The D.C. region recorded $4.4B of office investment sales in 2020, down from $8.5B during the prior year, according to Newmark’s Q4 office market report. Newmark Executive Managing Director James Cassidy said the flurry of deals at year-end didn’t make up for the overall sluggishness of the market throughout the year.