The Goldstar Group Inc. has acquired two commercial properties in Barracks Row as the Bethesda-based company tries to increase its presence in the Southeast D.C. neighborhood.
Goldstar paid $1.7 million to buy the properties at 425 and 427 Eighth St. SE from a pair of individual owners, according to D.C. property records.
The building, by Eighth and E streets, combine for only about 6,600 square feet, but Goldstar hopes to add several other properties in the area to its portfolio, said Senior Vice President Eric May. “They are smaller properties, but we just love the location long term.”
Goldstar plans to renovate the upper floors for office space and maintain the lower floors for retail. There’s a Verizon Wireless store at 427 Eighth St.
Last month, Goldstar bought a Barracks Row property at 1500 Pennsylvania Ave. SE, the site of a Domino’s Pizza, for $2.8 million and plans to redevelop the property into a 41-unit residential building
The company hopes to start work on that project this fall. Goldstar also is close to putting another property under contract in the area, May said.
“We’re very bullish on Capitol Hill and Hill East,” he said.
In the District, Goldstar also owns the 118-unit Floridian condominium building on U Street NW, which it bought at auction more than three years ago. The balance of its portfolio is largely in suburban Washington markets, including Bethesda, Gaithersburg, College Park and Vienna.
Originally published in the Washington Business Journal