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.