Brian Moynihan the new Bank of America CEO starts at his new position January 15th. http://www.washingtonpost.com/wp-dyn/content/article/2009/12/16/AR2009121603894.html Until Moynihan gives direction regarding their network strategy the real estate team does not have the green light to pursue any new branch sites. They are not seriously looking at sites nor issuing Letters of Intent.

NoMa is growing into a vibrant neighborhood with public art, an annual movie series for residents, and more events planned in 2013

Residential sales office soon to open on V Street NW across from Busboy and Poets A residential real estate sales office will be the final and sixth retail tenant moving into Union Row http://www.pnhoffman.com/properties/flats/about.asp located at 14th and V street NW. The tenant signed a ten year lease in October 2009 to occupy 2,100 square feet and will be open for [...]

Sales are excellent at the Power Plant in Baltimore. Baltimore developer Cordish Co. http://www.cordish.com/sub.cfm?section=newdev has filled the once-vacant power plant with tourist-friendly stores. For 2009, it is estimated ESPN Zone www.espnzone.com will gross $11 million,  Potbelly’s www.potbellys.com  $1.5 million, a mind blowing $2.4 million for Chipotle www.chipotle.com, and a solid $3.5 million for Houlihan’s restaurant www.houlihans.com.

Popular Bethesda asian-fusion restaurant, Raku, is the highest per square foot restaurant tenant for Federal Realty at $2,400 per square foot.

Subway has two locations in the Dulles Airport. Gross sales for the two sites combined exceed $3 million per year, and the base rent for each retail space is $40,000 annually.

DC neighborhood retail rents softened due to the slower economy. Z burger was in position to lease at reasonable retail rents in Glover Park. Z burger opened a 2nd location at 2414 Wisconsin Avenue formerly an 800 square foot laundromat.

The current lease ends in October for the 1,652 square foot Fedex Kinkos (www.fedex.com) location at 419 11th Street NW aka 1001 Pennsylvania Avenue. Capital Retail Group(www.capitalretailgroup.com) estimates the company will renew with their Landlord Hines (www.hines.com) at $47-$53 NNN or 35% above their current rate of $36 NNN.

Fathom Creative was rated 2010 Agency of the Year in Washington by the DC/Baltimore Egotist. Go to www.fathomcreative.com to see their remarkable before and after renovation pics!

The value of a 3,433 square foot single story building located at 4826 Annapolis Road in Hyattsville, Md is $1.2 million assuming a 7.5 CAP rate using the income method of valuation. newly approved town center sector plan for downtown Hyattsville will help spur retail development. Go to http://www.mncppc.org/cpd/bladensburg.htm for more information.