Skip to main content

Dupont Circle Starbucks Building sells for 886 coffees per square foot

By WTOP Staff

A Virginia company has paid $16.2 million for the Starbucks Building by Dupont Circle, marking one of the largest retail sales per square foot in the D.C. region in recent history.

Norfolk, Va.-based Harbor Group International has paid $16.2 million for the nearly 10,000-square-foot property at 1501 Connecticut Ave. NW from an affiliate of Lakritz Adler Real Estate Investments in a deal brokered by Calkain Cos. The deal works out to $1,672 per square foot, or about 886 coffees per square foot. Extending the java metric, that’s about 8.6 million coffees for the building based on the cost ($1.91) of a tall Starbucks coffee in Rosslyn, where I work. 

The pricey retail sale follows the deal for the former Nathan’s building in Georgetown for about $1,831 per square foot. Calkain Managing Director Rick Fernandez, who part of the marketing team along with Calkain Executive Vice President David Sobelman, said the offering attracted interest from prospective buyers across the globe.

“It is a pretty remarkable exit for the property,” Fernandez said. “I think [Harbor Group] saw it’s a trophy asset, an anchor asset in their retail portfolio.”

Calkain  was retained last fall to market the 9,718-square-foot Starbucks Building, which includes a 3,700-square-foot Starbucks along with additional retail and office space. It hit the market at an asking price just short of $17.5 million and sold for a cap rate of about 4.3 percent, one of the lowest cap rates for a retail-anchored property in the city. 

Calkain cited other recent sales, including Bar di Bari’s space at 1401 R St. NW, which sold in January for nearly $1.4 million, or about $1,087 per square foot. There was also Lululemon’s space at 1515 15th St. NW, which sold in September 2012 for $2.4 million, or about $1,041 per square foot, and the CVS at 1749 Columbia Road NW, which sold in August 2012 for $14.5 million, or about $1,154 per square foot.

Fernandez noted the price per square foot came in slightly less than Nathan’s at Wisconsin and M streets NW, which reportedly sold for $12.2 million to a group tied to sports apparel firm Under Armour Inc. That sale came in at a little more than $1,831 per square foot. The difference, Fernandez said, is that the new Nathan’s owners bought the building with plans to open an  Under Armour Brand House retail store. 

The Starbucks property, by contrast, is fully leased to a range of tenants and sold to an outside investor rather than an owner-occupier.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote