Lowe Enterprises--the lead company in the venture that owns the project--sold this portion of the development to Edens & Avant for an undisclosed price. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy & Pinkard Colliers represented the sellers. The deal has not been recorded in local tax rolls and Lowe did not return a call to GlobeSt.com in time for deadline.
Besides Lowe, Bundy Development Corp., CIM Group and Neighborhood Development Co. own the project. The development is in partnership with Deputy Mayor Office of Planning and Economic Development, which will remain as the ground lessor.
CityVista's retail is anchored by a 55,000-square-foot Urban Lifestyle Safeway, one of only four throughout the country--and one of its top performing stores, Ryan tells GlobeSt.com. Ryan declined to discuss the deal's price, but did say that the rest of the retail component is 87% leased, with many of the stores opening their doors for the first time. Other tenants Chevy Chase Bank, Results Gym, 5th Street Hardware, and a new restaurant from the creator of Busboys and Poets. "All that remains to be leased is infill space," he says.
In addition to the retail component, the $200-million CityVista project has two condo buildings with a combined 441 units and a 244-unit apartment building, which Cassidy & Pinkard Colliers is also marketing.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
