(For more retail coverage, click GlobeSt.com/RETAIL.)
WASHINGTON, DC-ICG Penn Branch Associates LLC has acquired the Penn Branch Shopping Center for $25 million. The 90,000-sf retail and office facility has a proposed 2006 assessed value of about $7.4 million.
Monetary assistance was provided by a $21-million financing deal facilitated through the Washington, DC office of NorthMarq Capital Inc., with Gary McGlynn and Christopher Feeley at the helm. Previous owner PBSC LLC secured a $7.7-million first mortgage loan on the three-story structure from Suburban Capital Markets in 2000.
Located at 3228 Pennsylvania Ave. SE, Penn Branch sits in the District's Marshall Height's neighborhood near the Fort Stanton and Fort Davis parks, and features CVS as one of its tenants. JP Morgan provided the funds for the purchase of the property.
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