The portfolio consists of seven office/retail mixed-use properties that UrbanAmerica acquired in 2000 and 2001 for $33 million, according to Richmond McCoy, president and CEO of UrbanAmerica. The firm then invested an additional $4 to $5 million to bring in new tenants and improve the appearance of the properties.
The properties are located at 3907 Benning Rd.; 322 40th St.; 4528 Benning Rd.; 1500 Franklin St.; 4001-35 South Capitol; 3839 Alabama Ave.; and 6505 Annapolis Rd. in Landover Hills, MD.
Its partner in several of the transactions, Marshall Heights Community Development Organization, a local community development organization, helped UrbanAmerica to win grants, bring in new retail tenants and provide guidance in overall strategy, McCoy tells GlobeSt.com.
UrbanAmerica's asset management campaign also included leasing to anchor retailers such as CVS, Footlocker, Giant Foods and Subway, as well as stabilizing the office tenancy of DC government agencies.
Typically, McCoy says, UrbanAmerica's strategy is to attract national retailers to the urban core to produce market rate returns for investors while driving community revitalization.
The seller was represented by Tom Robinson of North Star Realty and John Howly of Cushman & Wakefield.
McCoy says the company is currently pursuing other investment opportunities in the District and will continue to maintain an office here. The firm is currently executing the deployment of its UrbanAmerica LP Fund II which has approximately $400 million in equity.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
