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Source: Douglas Development Is Selling Four Retail Assets to Brookfield

WASHINGTON, DC—The four properties total about 36,040-square feet and are located around New York Ave. and L street, NW.

By Erika Morphy | erikamorphy | | Updated on May 04, 2016
A rendering of Douglas Development's 756,000-square foot project at 655 New York Ave., NW A rendering of Douglas Development’s 756,000-square foot project at 655 New York Ave., NW
WASHINGTON, DC—A source has told GlobeSt.com that Douglas Development is selling four of its retail assets to Brookfield Asset Management for approximately $67 million, according to the source. The four properties are 612 L St NW; the Marakesh Restaurant at 617 New York Ave NW; 605 New York Ave NW; and 600 L St NW. They were acquired with plans for redevelopment, the source said. A call to Douglas Development about the deal was not returned in time for publication. A spokesperson reached at Brookfield Asset Management told GlobeSt.com there was no comment. If the report is accurate, it would indicate that Brookfield Asset Management has an appetite for value-add properties in the area. Last week  Washington REIT reported it had found a seller for six of its suburban Maryland office properties, a deal totaling $240 million. An affiliate of Brookfield Asset Management was later identified as the buyer of the 1.2-million-square foot portfolio. The properties are in the same general area as Douglas Development’s 756,000-square foot project underway at 655 New York Ave., NW, where Douglas is assembling about a dozen buildings on a triangle shaped block between New York Avenue, 7th and L streets in Mt. Vernon Square next to the Washington Convention Center. GlobeSt.com will update this story when new information is learned.

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