WASHINGTON, DC-Jenkins Row, the 50,560-square-foot retail portion of a larger mixed-use development in Capitol Hill, has been acquired by Edens. A source tells GlobeSt.com that the property, which is anchored by Harris Teeter, traded for north of $20 million. JPI is the seller. Edens did not return a call from GlobeSt.com in time for publication.
The project, which delivered in 2008, has been performing well ever since, Transwestern broker Gerry Trainor, who represented JPI in the deal, tells GlobeSt.com. “It delivers about $800 per square foot in retail sales every year,” he says. Jenkins Row is located on top of the Potomac Avenue Metro Station at the intersection of Potomac and Pennsylvania Avenues. It also includes a 247-unit condominium. The submarket in general is underserved by retail, Trainor adds, which is one reason for Jenkins Row’s strong performance.
Edens has been expanding in the DC area over the past years and has stakes in several projects under development, including City Vista and Union Market. With this acquisition, Edens now counts a portfolio 34 centers in the Washington DC area.
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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.
