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WASHINGTON, DC-A Metropolitan Washington, DC area portfolio of retail properties, speckled with hotel and office elements, has sold in a deal rumored to be in excess of $200 million. Development and investment group Grosvenor acquired the 15-property package for its own, taking it off the hands of several different subsidiaries of the Starwood Capital Group-sponsored venture Starwood Urban LLC. The deal, which covers a total of 460,000 sf--200,000 sf of which consists of retail--allows Grosvenor to further fulfill its goal of focusing on the Washington, DC, San Francisco, Los Angeles, and Chicago markets.

Grosvenor's new collection of retail properties carries addresses predominantly in popular areas within District city limits, and features such illustrious tenants as Elizabeth Arden, Saks Jandel, and Tiffany's; as well as popular destinations like Chipotle, Olsson's Books & Music, and Ruth's Chris Steakhouse. In Dupont Circle, several of the facilities are on Connecticut Ave., including the 8,000-sf retail building at 1629 Connecticut Ave., the collection of buildings at 1739-1753 Connecticut. Ave.--which account for nearly 22,000 sf of space almost evenly divided between retail and office offerings--and the 19,300-sf group of structures at 1801-1803 P St. Connecticut and 2011 S St., offering 12,600 sf of retail space and 6,800 sf of office space. On P St., are the 8,900-sf retail and office facility at 2029 P St., and the 9,900-sf facility at 2122 P St. The last property in the Dupont Circle area is the two-building property at 19th and M St., featuring 28,200 sf.

In the Woodley Park area, Grosvenor now owns three combination retail/office facilities at 2600 Connecticut Ave., 2631-2641 Connecticut Ave., and 3500-3518 Connecticut Ave.; the properties account for 3,700, 33,800, and 17,200 sf, respectively. The largest holdings are on Wisconsin Ave. in the Friendship Heights area, which is predominantly in DC but spills into Chevy Chase, MD. The package includes the office and retail properties at 5225 Wisconsin Ave., which features 93,000-sf, and 5221-5223 Wisconsin Ave., which encompasses 21,000 sf. And in Chevy Chase, MD at 5500-5520 Wisconsin Ave./4407-4411 sits 39,300 sf of retail, as well as the 112,000-sf Holiday Inn hotel.

Finally, in the Old Town Alexandria submarket of Alexandria, VA, are the properties at 114-132 King St., 6 King St., and 106 S. Union St.; accounting for 30,500 of office and retail space, 7,000 sf of office and retail space, and 7,600 sf of retail space, respectively.

"It would be impossible to replicate such a unique collection of properties in today's urban retail market," says Grosvenor senior vice president Andrew Galbraith. "Each asset is centrally located within the area's most vibrant commercial districts, and all but the Old Town properties have immediate access to Metrorail's Red Line. The structures are historic with unique architecture, providing interesting shopping and dining experiences."

Instant Insights /

$200M Buys 15-Property Retail Portfolio

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