Washington, D.C. - Gopuff

Description:

• The tenant recently extended their lease an additional 3 years through July 2034 with 1 (5-year) option left to extend, demonstrating their commitment to the site
• The lease features 3% annual rental increases throughout the initial term and options, growing NOI and hedging against inflation
• The lease is NN with landlord being responsible for the property taxes, insurance, and maintenance
• Tenant will reimburse landlord for taxes, insurance, and operating expenses; however, operating expenses shall not increase by more than 10% from the previous year
• Tenant’s admin / management fees are not to exceed 5% of operating expenses
• Landlord’s capital expenses shall be amortized over their useful life
• The lease is guaranteed by GoBrands, Inc.
• Founded in 2013, Gopuff is a leading, on-demand delivery service that specializes in delivering everyday essentials including snacks, beverages, cleaning products, over-the-counter medications, and more
• Gopuff operates in more than 500 US cities, suburbs, and towns
• The subject is 1 of 4 GoPuff locations servicing Washington D.C.

• Strategically located along MLK Jr. Avenue with clear visibility and access to an average of 14,600 vehicles passing by daily
• The property benefits from nearby access onto Interstate 695 (155,700 VPD), making it a centralized location with easy commutes for deliveries
• The nearby supporting tenants include CVS Pharmacy, Starbucks, Safeway, LIDL, Giant, Chipotle, and others
• Strategically located in close proximity to key government institutions, including the U.S. Department of Defense, National Defense University, United States Capitol, and various other federal offices
• The property is located in a highly-walkable neighborhood with a Walk Score® of 84 (“Very Walkable”)
• The asset is located in the heart of Anacostia, a neighborhood renowned for its historical significance, vibrant art scene, and thriving local businesses, among other features
• Highly adaptable, prime real estate in the heart of a dominant neighborhood
• Close proximity to the Anacostia metro station with an average of 3,200+ daily passengers in 2024
• MLK Gateway is a neighboring development project that will consist of 50,500 SF of mixed-use space including 22,000 SF of retail, estimated to cost $25 million
• Anacostia is also home to HIVE 2.0, a small business incubator that’s home to 55 entrepreneurs; American Islamic Heritage Museum; Anacostia Arts Center; Frederick Douglas National Historica Site; Smithsonian’s Anacostia; and other major attractions
• The property is near numerous single-family communities and multi-family complexes, providing a direct residential consumer base for the site
• The nearby multi-family complexes include Reunion Square (143 units), The Douglass (U/C - 757 units), Bridge District (U/C - 825 units), and others
• The 5-mile trade area is supported by over 681,800 residents and 732,800 daytime employees
• Residents within 1-, 3-, and 5-miles of the subject boast an affluent average household income of $112,758, $135,629, and $144,681, respectively