SILVER SPRING, MD-Hartford, CT-based real estate fund HutenskyCapital Partners has made two investments in DC retail over thepast month. In July, it acquired City Place Mall, a350,000-square-foot shopping center here for $22.8 million. Morerecently, it purchased a general partnership interest in WoodmoreTowne Centre, a $200-million mixed-use development underconstruction in Glenarden, MD.

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Now the company is working with the seller of City Place Mall todetermine what its best use will be, principal Brad Hutensky tellsGlobeSt.com. The firm acquired it from an affiliate of Petrie RossVentures in a three-party deal that included a discounted payoff of100% of the property’s outstanding debt. An affiliate of the sellerwill manage and lease the property and lead the redevelopmentprocess.

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“We are prepared to put as much capital as needed to maximizeboth the value and the productivity of the property,” saysHutensky. In general, he adds, the company is interested inWashington, DC-area assets because the market has proved to be farmore resilient than almost any other in the country.

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The company, though, is still taking a value-add approach to itsinvestments here. The Silver Spring retail center, for example, hasbeen underperforming, which is surprising considering it is locatedin Downtown Silver Spring and other nearby retail stores andcenters are doing well.

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“In the case of Silver Spring, there are still some holes thatcould be filled,” Hutensky tells GlobeSt.com. For instance, hesays, Downtown Silver Spring doesn’t offer much in the way of softgoods or apparel, so that is a possible direction for CityMall.

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