WASHINGTON, DC-A new-to-the-scene local company, the Jack Group, has picked up a retail strip center in Frederick, Md., and has a number of condo and residential projects in the District in its pipeline as well. The company, which was formed by the merger of the JCR Cos., CAS Riegler Cos., and RS Snead Construction, is offering a wide range of real estate services, including leasing, acquisition, development, and construction, reports Joe Reger, a partner and founder of the JCR Cos.
The group already has delivered its first project, the redevelopment of a 12,000 square foot mixed-use property at 1324 14th St., NW. JCR had contracted for the purchase of the building in 2011 and had planned to reposition its 3,250-square foot retail space.
After it brought in CAS Riegler and Snead Construction as development partners, JCR decided to add three full floors and excavate the basement to convert the offices to five luxury condominiums. The newly expanded 4,900 square foot retail space was leased Top Chef contestant Bart Vandaele's new B Too Restaurant, which is scheduled to open this month. The company is not planning anything so elaborate for its Frederick strip center acquisition, Westview Corner, which it acquired a few weeks ago for $7.9 million. There are no renovations or repositioning plans for the property, which is 80% occupied, other than to "lease it up," Reger tells GlobeSt.com.
"We have a very young and energetic leasing group successful at leasing strip centers," he says. "We feel confident we will get this leased to 100%. The company also has a number of condo units under construction, concentrated in Capitol Hill.
For retail shopping centers the company will buy within an hour's drive from the District, Reger says. "For in-fill urban development renovation we will generally stay in the District."
Other partners in the company are Kevin Riegler, co-founder of CAS Riegler, C. Adam Stifel, a co-founder of both CAS Riegler companies and Snead Construction, and Snead Construction co-founder Chris Heisey.
The company is currently hiring for accounting and leasing positions, Reger says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
