All told, over the last several months they have acquired some 140,000-sf of real estate in this sector, including the 86,000-sf parcel that is the Farmers' Market. Plans call for additional properties to be acquired, J Street CEO Bruce Baschuk tells GlobeSt.com.

The end result will be a mixed-use development that aligns with the area's historic roots and current needs. One use case would likely include some distribution, he says, as well as retail or office. "This is a great area in the District and given its proximity to NoMa [where J Street has several investments] it makes sense for us to be here," Baschuk says.

The other end result of J Street's and Edens & Avant's buying spree is that it will give them a greater say in how the area is being redeveloped. Last year the District gave Sang Oh Development LLC master developer rights to rebuild the area. The company, together with Apollo Real Estate Advisors, put forth a $1.2 billion plan that included 3.4 million sf of housing, retail, restaurants, hotels, entertainment facilities and other community services. Baschuk says there is a growing demand from local tenants to be heard in this planning process. Its acquisitions give the JV leverage to talk with Sang Oh.