BETHESDA, MD—Locally-based developer StonebridgeCarras has set a goal of acquiring $1 billion in properties over the next five years. To accomplish its mission, the firm has hired real estate veteran Andrew Eshelman to search out new deals.
Eshelman, principal and founder of MGP Real Estate, has joined StonebridgeCarras as a principal, according to company partner George Carras. Eshelman will help the development firm identify “core plus” and “value add” properties to renovate and re-lease to new tenants, according to the Washington Business Journal.
MGP, a privately held investment and management company, was co-founded by Eshelman and Charles Salcetti, who will remain with MGP as a principal.
StonebridgeCarras has developed more than $1 billion in properties over the past five years, including Constitution Square in NoMa. The firm currently has more than $500 million under development. See story in the Washington Business Journal.