REBusinessOnline

U.S. Retail Sales Up 5.6 Percent from 2018, Says U.S. Census Bureau

WASHINGTON, D.C. — The U.S. Census Bureau reports that retail sales in July were up 0.9 percent from June and 5.6 percent year-over-year. The numbers exclude restaurants, gas stations and automobile sales but include e-commerce sales. July’s results build on gains of 0.6 percent month-over-month and 2.2 percent year-over-year seen in June. Specifics from key retail sectors during July include: Online and other non-store sales were up 19.3 percent year-over-year and up 2.8 percent …

Lowe Acquires Former School Site in Washington, D.C., Plans 500,000 SF Art Museum-Anchored Development

WASHINGTON, D.C. — Lowe, a national real estate investor, developer and manager, has acquired the former Randall School site at 65 I St. SW in Washington, D.C. Lowe plans to redevelop the 2.7-acre site into a 500,000-square-foot mixed-use project featuring a contemporary art museum. Lowe had first come on as partner for the project in 2017 but is now assuming control of the development from TRSW, a partnership between Telesis Corp., a national affordable housing developer, and the Rubell …

Network Realty Partners, USAA Purchase 625,506 SF Office Complex in D.C.

WASHINGTON, D.C. — A partnership between Network Realty Partners and USAA Real Estate has purchased Union Square, an office complex in Washington, D.C.’s NoMa (North of Massachusetts Avenue) neighborhood. The property comprises a central courtyard and two nine-story office buildings totaling 625,506 square feet. Union Square was originally built in 1969 and renovated in 2012. The complex was 90 percent leased at the time of sale to government and nonprofit tenants. Dek Potts, Jim Meisel, …

MBA: Q1 Commercial Real Estate, Multifamily Mortgage Originations Rise 12 Percent, Sales Fall 9 Percent

WASHINGTON, D.C. — Commercial real estate loan originations rose 12 percent in the first quarter of 2019 compared with the same period a year ago, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The industrial sector climbed 73 percent in loan originations, followed by healthcare (41 percent) and hotels (14 percent). Retail and multifamily both saw increases (9 percent each), while the dollar volume of office …

Akridge, Alcion Partners Sell Office Building in Downtown D.C. for $119M

WASHINGTON, D.C. — Akridge and Alcion Partners have sold 1701 Rhode Island Ave., a seven-story, 103,908-square-foot office building in downtown Washington, D.C., for $119 million. The partnership acquired the then-YMCA in March 2016 before repositioning the asset into an office building fully leased to WeWork. WeWork has occupied the space since February. Design firm Hickok Cole Architects and general contractor Whiting-Turner Contracting Co. led the redevelopment of 1701 Rhode Island to …

Marcus & Millichap Arranges $20.3M Sale of Multifamily Portfolio in Northwest D.C.

WASHINGTON, D.C. — Marcus & Millichap has arranged the $20.3 million sale of a multifamily portfolio in northwest Washington, D.C. The portfolio consists of two properties totaling 172 residential units. The communities include Walter Reed Apartments, which is located at 6939 Georgia Ave. NW at the entrance of The Parks at Walter Reed, a 66-acre redevelopment of the Walter Reed Army Medical Center that upon completion will include over 3.1 million square feet of mixed-use development. The …

Pebblebrook Hotel Trust to Sell Hotel in Downtown D.C. for $42M

WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into an agreement to sell Kimpton Rouge Hotel, a 137-room hotel in downtown Washington, D.C., for $42 million. The hotel offers a 24-hour fitness center, in-room spa services, a yoga mat in every room, bicycles for rent and an on-site bar. The seller expects the sale to close in the third quarter of this year. The buyer was not

EJF, Donatelli, Blue Skye Developing $95M Multifamily Project Within D.C. Opportunity Zone

WASHINGTON, D.C. — EJF Capital, Donatelli Development and Blue Skye Development are developing a $95 million, 262-unit mixed-income housing project within an opportunity zone in southeast Washington, D.C. The project is under construction within Hill East, a 67-acre master-planned development. The multifamily component, which has not yet been named, will include an undisclosed number of affordable housing units and 13,000 square feet of retail space. The project is expected to be complete in …

Carr Properties Breaks Ground on 225,000 SF Office Development in Washington, D.C.

WASHINGTON, D.C. — Carr Properties has broken ground on Signal House, a 225,000-square-foot office development in the Union Market neighborhood of Washington, D.C. Located at 350 Morse St., the project will be situated adjacent to Florida Avenue and near the NOMA-Gallaudet Metro Station. Designed by Gensler, the 10-story office building will pay tribute to the historic industrial surroundings of the area with a terra cotta, metal and glass exterior. Amenities at the property will …

JBG Smith, Malrite Complete $162M International Spy Museum in Washington, D.C.

WASHINGTON, D.C. — JBG Smith Properties and Malrite Co. have completed the development of a new and expanded International Spy Museum at L’Enfant Plaza in Washington, D.C. When the project was announced in 2015, The Washington Post reported that the estimated costs were $162 million. The building officially opens to the public on Sunday, May 12. The development more than doubles the size of the museum to 140,000 square feet and moves it from F Street to just two blocks south of the …

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