(For more retail coverage, click GlobeSt.com/RETAIL.)
WASHINGTON, DC-ING Clarion Partners LLC has acquired the mixed-use complex known as Chevy Chase Pavilion in a transaction valued at $212.7 million. As per District real estate records the property, which features office, retail and hotel segments, has a current assessed value of $118.2 million.
Having contracted real estate services firm Jones Lang LaSalle to market the property, Lowe Enterprises Investment sold the complex. Lowe acted on behalf of Pennsylvania State Employees, which acquired the site from Siemens affiliate Sibag Investments seven years ago for $120 million. Jones Lang LaSalle declined to comment and Lowe and ING did not respond to inquiries by deadline.
Chevy Chase Pavilion sits at 5335 Wisconsin Ave. NW in the city's Friendship Heights district, just outside of the Washington, DC suburb of Chevy Chase, MD. The site was developed in 1990 with Donohoe Construction overseeing the building of the Clark, Tribble, Harris & Li-designed complex.
Contained within a single 11-story structure atop a Metro station are all three of the property's components, which encompass 197,000-sf of office space, 143,000 sf of retail space, a 198-room Embassy Suites hotel with 6,000 sf of meeting space and a 675-vehicle parking facility. Upon acquiring the property, Lowe began a renovation and repositioning project. Both the office and retail portions are nearly fully leased. Office occupants include the Cochlear Implant Association, Federal Title & Escrow Co. and a Microsoft Mid-Atlantic District office. The retail tenant roster includes Georgette Klinger, J. Crew, Pottery Barn, a 27,300-sf Stein Mart and a number of restaurants.
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