This transaction brings the firm's holdings in metropolitan Washington, DC to more than 500,000 sf worth about $50 million. This is the fifth purchase UrbanAmerica has made in the metropolitan area during the last year. The other four properties are shopping centers ranging in size from 44,000 sf to 244,000 sf.

Said to be the first commercial real estate investment company to specialize in purchasing and developing properties in low- to moderate-income neighborhoods, it uses local vendors to service its properties and acts as a long-term, hands-on owner. UrbanAmerica's investment partners include the Los Angeles County Employee Retirement Association, which recently invested $30 million in the fund, J.P. Morgan, Citibank, First Union, Summit Bank and Prudential Life Insurance. Its portfolio consists of retail and office properties worth approximately $170 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Office