Bethesda's Greenhill Companies acquires 4731 Elm Street

The commercial retail building at 4731 Elm Street has been acquired by Bethesda-based real estate firm Greenhill Companies, a source tells me. Currently home to Potbelly Sandwich Works, Tropical Smoothie Cafe and Salsa with Silvia, the 1994 building is directly adjacent to the corner property at 4733 Elm Street (anchored by Dig), which is also part of Greenhill's portfolio. The sale price is not known, as it has not yet been recorded in the public Maryland real estate records. Douglas Development is the most recent recorded owner of the 4731 Elm property. 

4731 Elm has been a very stable, low-tenant-turnover building, prominently located across from Bethesda Row. Once Elm Street reopens from the far-behind-schedule Purple Line construction, it will be a much-heavier traffic street for vehicles and pedestrians than it has been for the last decade. Looking further into the future, 4731 and 4733 will present an excellent redevelopment opportunity, even moreso if the Barking Dog lot were assembled with it. The site will be a 1-minute walk from entrances to the Metro Red Line and Purple Line when those station access points are completed.