(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

WASHINGTON, DC-Real-estate investment firm Ashkenazy Acquisition Corp. has acquired the ground lease of Union Station here for $160 million from a partnership headed by Union Station LLC, and executives plan eventual tenant upgrades to the 212,000 sf of retail in the facility. The transaction is part of the New York City-based firm's plans to buy "irreplaceable assets."

Ashkenazy is assuming the leasing of Union Station, while real estate services firm Jones Lang LaSalle will retain its management duties. Tenants in the development are a mix of retail shops and restaurants, including such national chains as Ann Taylor, Jos. A. Bank Clothiers and Victoria's Secret.

Though Ashkenazy president Michael Alpert says that Union Station is already a shopping destination in itself for area residents, he hopes a re-tenanting could add more of a draw. And since 16 million sf of development is taking place in the area, the area will have a significant increase of consumers, he says.