District of Columbia

Easterly Government Properties to Acquire 10-Property VA Portfolio for $635.6M

by Katie Sloan October 14, 2021

WASHINGTON, D.C. — Easterly Government Properties Inc. (NYSE: DEA) has entered into an agreement to acquire a 1.2 million-square-foot, 10-property portfolio of facilities leased to the Department of Veterans Affairs (VA) for $635.6 million. The properties will be purchased in a joint venture with an undisclosed global investor, with Easterly retaining a 53 percent stake in the portfolio. Two of the properties are open, while the other eight are currently under construction. Acquisitions include: VA Chattanooga, a 94,566-square-foot Class A facility in Tennessee that was completed in November 2020. The property offers audiology, imaging, pathology, lab, dental and mental health services. VA Lubbock, a 120,916-square-foot facility in Texas completed in December 2020. The facility is located on the Texas Tech medical campus and features an ambulatory surgery center as well as general health, dental, audiology, ophthalmology, MRI, radiology, pharmacy, lab, physical therapy and mental health services. VA Lenexa, a 31,062-square-foot facility in Lenexa, Kan., that was delivered in May 2021. The property offers primary and specialty care, including audiology, dental, pathology and lab services, as well as radiology. VA San Antonio, a 226,148-square-foot development currently underway in Texas. The three-story facility will feature six patient aligned care team (PACT) modules …

October 14, 2021

District of Columbia Southeast

US Economy Adds 194,000 Jobs in September, Much Lower than Expected

by Julia Sanders October 8, 2021

WASHINGTON, D.C. — The U.S. economy added 194,000 jobs in September and the unemployment rate dropped by 40 basis points to 4.8 percent, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had predicted there to be an increase of 500,000 jobs and an unemployment rate of 5.1 percent, according to CNBC. In addition, the total job gains for August were revised upward from 235,000 to 366,000. These numbers from the past two months were much lower than in June, which had employment numbers revised up to 1.05 million. Nonfarm employment has risen by 17.4 million since April 2020 but is 5 million below (or 3.3 percent) from its pre-pandemic level in February 2020, according to the BLS. There were notable job gains in September in the leisure and hospitality, professional and business services, retail trade and transportation and warehousing industries. Leisure and hospitality employment rose by 74,000, but is still down by 1.6 million (9.4 percent) from February 2020. Professional and business services added 60,000 jobs last month but is still 385,000 below what it was pre-pandemic. Retail trade employment increased by 56,000 jobs and transportation and warehousing jobs rose by 47,000. Public education jobs …

October 8, 2021

Affordable Housing Development District of Columbia Multifamily Southeast

Enterprise Community Development Reopens $51M Affordable Housing Community in D.C.

by Julia Sanders October 4, 2021

WASHINGTON, D.C. — Enterprise Community Development (ECD) has reopened Randle Hill Apartments, a $51 million affordable housing property in Washington, D.C.’s Congress Heights neighborhood that was recently renovated. The property includes 195 apartments, including 20 set aside for formerly homeless individuals and families. Located at 3300 6th St. SE, Randle Hill is a nine-building complex with one-, two- and three-bedroom units. The renovations on the property include updated kitchens and bathrooms, new HVAC units, enhanced light fixtures and energy-efficient features. In addition, the property includes onsite resident services such as workforce development, case management, educational and financial literacy programs. ECD made sure no residents of Randle Hill were displaced during renovations. District of Columbia Housing Finance Agency provided $25 million in bonds of construction financing and Bank of America provided a $26.5 million loan. Additional financing included $17.3 million from DCHFA’s HUD Risk Share program, $13 million from District’s Housing Production Trust Fund program, a $650,000 predevelopment loan from Neighborworks Capital and $15.3 million in low-income housing tax credit equity from Enterprise Housing Credit Investments LLC to support the development on behalf of Bank of America. Community Housing Capital provided an initial acquisition loan of nearly $17.8 million. Associates Architects …

October 4, 2021

Development District of Columbia Office Southeast Top Stories

Skanska Invests $216M for Development of Office Project in Downtown Washington, D.C.

by Kristin Harlow October 4, 2021

WASHINGTON, D.C. — Swedish developer Skanska is investing $216 million in U.S. dollars for the development of 17xM, an 11-story office project in the central business district of Washington, D.C. Located at the intersection of 17th and M streets, the building will span 334,000 square feet. Construction is scheduled to begin this fall with completion slated for 2024. More than 50 percent of the project is pre-leased. Global law firm Gibson, Dunn & Crutcher LLP has signed a 16-year lease at the property. Skanska is pursuing LEED Gold and Fitwel certifications for the building. Currently, 17xM is the first WiredScore SmartScore-certified office building in North America, according to the developer. The certification assesses a smart building for both its user functionality and technological foundation. Plans call for MERV-13 air filtration, air quality censors, touchless access and other sustainable and wellness-focused features. MERV refers to minimum efficiency reporting value, which measures how effectively a filter stops dust and other contaminants from passing through the filter and into the air. Amenities will include a covered drop-off area, lobby attendant, rooftop conference area, rooftop lounge, 5,500-square-foot fitness center, bicycle room and outdoor terraces. Kohn Pedersen Fox Associates is the project architect. CBRE is …

October 4, 2021

Acquisitions District of Columbia Life Sciences Retail Southeast Top Stories

JLL Arranges $168.3M Sale of Retail Portfolio Across Mid-Atlantic

by Julia Sanders September 24, 2021

WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of a portfolio of eight infill neighborhood retail assets totaling 695,991 square feet in Washington, D.C., northern Virginia and southern Maryland. Stephen Conley, Danny Finkle, Jordan Lex and Kim Flores of JLL represented the D.C.-based seller, WashREIT (NYSE: WRE), which sold the portfolio for $168.3 million. The buyers were Rosenthal Properties and an undisclosed institutional partner, according to the Washington Business Journal. The news outlet also reports the seller had acquired the eight properties over the span of five decades. The portfolio includes two properties in Washington, D.C., two in Northern Virginia and four in Maryland. The properties in D.C. include Chevy Chase Metro Center and Spring Valley Village. The Virginia properties are 800 S. Washington St. in Alexandria and Concord Centre in Springfield. The southern Maryland properties are Montrose Shopping Center and Randolph Shopping Center in Rockdale; Takoma Park Shopping Center in Takoma; and Westminster Shopping Center in Westminster. The properties are 82 percent leased collectively. Four of the shopping centers are grocery-anchored by stores such as Mom’s Organic Market at Montrose Shopping Center and Aldi at Springfield’s Concord Centre. Other grocery anchors include Food Lion and Giant. The …

September 24, 2021

Acquisitions District of Columbia Office Southeast

JBG Smith, Landmark Partners Sell 500 L’Enfant Plaza Office Building in D.C. for $167M

by Julia Sanders September 22, 2021

WASHINGTON, D.C. — JBG Smith and Landmark Partners, an Ares Co, have sold 500 L’Enfant Plaza, a 215,000-square-foot office property in Washington, D.C. The buyer, which purchased the property for $167 million, was not disclosed. Jim Meisel and Matt Nicholson of JLL represented JBG Smith in the sale. Delivered in 2019 and designed by ZGF Architects, 500 L’Enfant Plaza is a LEED Gold-certified property. The plaza was 96 percent leased to seven tenants at the time of the sale. The building serves as Urban Institute’s global headquarters and is home to other tenants including Cobec Consulting, Noblis and the Office of the Inspector General for the Washington Metropolitan Area Transit Authority.

September 22, 2021

District of Columbia Retail Southeast

Uptick in August Retail Sales Bodes Well for Consumer Spending in Fourth Quarter, Says NRF Economist

by Julia Sanders September 17, 2021

WASHINGTON, D.C. — U.S. retail sales increased in August as consumer demand outweighed the effects of the COVID-19 pandemic, supply chain disruptions and other factors that affected spending. Even though there was a decrease in car sales due to shipping problems and product shortages, the U.S. Commerce Department reported that the sales for retailers and restaurants increased by 0.7 percent in August. The chief economist for the National Retail Federation (NRF), Jack Kleinhenz, says consumers continued to heavily shop last month despite a “trifecta of macroeconomic headwinds,” including the ending of federal government stimulus, a rise of COVID-19 cases due to the Delta variant and supply chain problems. “Higher sales came even with a disjointed back-to-school season that also affected the timing of sales as many school districts returned to in-person learning but some delayed classes until after Labor Day. These results pave the way for sturdy consumer spending and a strong economy in the fourth quarter,” says Kleinhenz. According to the U.S. Census Bureau, overall retail sales in August were up 15.1 percent year-over-year. Even though some months, such as July 2021, have decreased or slowed its retail sales, the Census data shows that sales have overall grown year-over-year …

September 17, 2021

District of Columbia Southeast

US Economy Adds 235,000 Jobs in August, Much Lower Than Previous Months

by Julia Sanders September 3, 2021

WASHINGTON, D.C. — The U.S. economy added 235,000 jobs in August and the unemployment rate dropped by 20 basis points to 5.2 percent, the Bureau of Labor Statistics (BLS) reported Friday. The economy added much fewer jobs in August compared to July, which was revised up by 110,000 to a total of a little over 1 million jobs. Nonfarm employment has increased by 17 million jobs since April of last year, but is still 5.3 million below the total workforce in February 2020, the last month before the COVID-19 outbreak was declared a pandemic by the World Health Organization. There were notable job gains in several sectors in August: 74,000 jobs were added in professional and business services, 19,000 in architectural and engineering services and 10,000 in computer systems design and related services. Despite gains in professional and business services employment, jobs in the sector have declined by 468,000 compared to February 2020. The transportation and warehousing sector also added 53,000 jobs last month, which brings the industry’s employment 22,000 jobs above its pre-pandemic level in February 2020. With the back-to-school season starting back up in August, there were mixed signals for the growth of the education industry. There was …

September 3, 2021

District of Columbia Multifamily Southeast

NMHC Agrees with Supreme Court Ruling to End National Eviction Moratorium

by Julia Sanders August 27, 2021

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has publicly shown support of the Supreme Court’s decision to end the nationwide eviction moratorium. In a statement released this morning, NMHC detailed its support of a short-term ban to evictions during the beginning of the COVID-19 pandemic, but it does not believe a long-term ban on evictions is going to help sustain the economy. At the beginning of August, the Centers for Disease Control and Prevention had extended the eviction ban once again to end on Oct 3. On Thursday, Aug. 26, The Supreme Court voted 6-3 to end the pandemic-related federal eviction ban. The Supreme Court ruled that the CDC had overstepped its authority, and Congress must be the one to implement any future eviction ban. During the onset of the pandemic, NMHC convinced Congress to create a federal rental assistance program to prevent a housing crisis, and so Congress created the Emergency Rental Assistance Program. The program, plus the rest of the $4 trillion of economic relief provided by the government, helped residents to pay their rent. About 80.2 percent of apartment renters made a full or partial rent payment by Aug. 6, according to NMHC’s latest Rent …

August 27, 2021

Acquisitions Company News Data Centers District of Columbia Industrial Life Sciences Maryland Office Southeast Texas Top Stories Virginia

PRP Sells Four Office Campuses for $1B, Makes $2B Commitment for Logistics and Data Center Acquisitions

by John Nelson August 24, 2021

WASHINGTON, D.C. — PRP, a privately held real estate investment and management firm based in Washington, D.C., is making a sea change as it looks to bolster its logistics and data center portfolio and churn its office assets. The company is in the process of selling four office campuses in separate deals totaling more than $1 billion. At the same time, PRP is allocating $2 billion to acquire logistics facilities leased to credit-worthy companies in primary and secondary markets, as well as data centers and land zoned for future data centers. The specific locations of the assets were not disclosed. “The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates,” says Joe Neckles, managing director of net lease acquisitions at PRP. “The logistics and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation.” The office assets that PRP is selling include Sequoia Plaza, a 370,000-square-foot campus spanning three buildings in Northern Virginia’s Arlington County. The property houses the headquarters of Arlington County’s Department of Human Services and the Arlington County Public School System. An …

August 24, 2021

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