Chevy Chase Plaza at Euclid and High up for sale

Posted: 2:06pm on Feb 2, 2012; Modified: 6:32am on Feb 3, 2012

Chevy Chase Plaza has been owned by retail developer Caller Properties for three years. "We converted the first-floor office to retail, and now there's no more retail space to fill," said Bret Caller. MARK CORNELISON | STAFF

Chevy Chase Plaza, home to Fox affiliate WDKY (Channel 56) and a future Graeter's ice cream store, is up for sale.

The asking price for the building at Euclid Avenue and High Street is $6.8 million, said Jeff Stidham of Stidham Commercial Partners, who is representing the seller.

The site includes 47,500 square feet of office and retail space and is 98 percent occupied. The condominiums on the location's top two floors are not part of the offer; they are individually owned.

New tenants to the property include Graeter's, which will open this year. Also, McAlister's Deli is scheduled to open its first area store later this year at the site.

"We just really think it's a trophy property," Stidham said. "We are getting a good level of interest from a buyer in Florida looking at it and a buyer from California looking at it.

"There is a lot of money out there looking for quality real estate."

During the past few years, more than $900,000 has been spent on capital expenditures and building improvements.

The building is owned by an area company, Caller Properties.

"We've had it three years," Bret Caller said. "We're retail developers, and our goal was to convert it to more retail. There was a lot of office space and there was retail space, but it wasn't leased as retail space.

"We did what we're good at. We converted the first floor office to retail, and now there's no more retail space left to fill. We felt now's a good time based on the recovering market to sell it."

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