WASHINGTON, DC-A joint venture between The Menkiti Group and Congressional Commercial has acquired a 13,000 square foot commercial building that has infill development potential in the District's Northwest submarket. It is the JV's second investment in the neighborhood in the last two years.

The property is located at 22-24 Kennedy St, with an adjoining 30 fenced parking spaces. Zoned C-2-A, the site can accommodate over 55,000 square feet of future mixed-use development. The property was acquired by Congressional and Menkiti's affiliate, CCMG II, LLC, from Triumphant Christian Church, which has occupied the property since the late 1990s. Financing was provided by the Bank of Georgetown.

For various reasons, including construction costs and zoning laws, infill development is typically not an easy endeavor in the District, although every now and then a large project come to the market to prove that theory wrong.

This past summer, for example, Fisher Bros. secured a $100.7 million, 20-year construction-to-permanent loan with an institutional investor for a transit-oriented urban infill project in the H Street Corridor. HFF's Sue Carras, Walter Coker and Brian Crivella placed the debt.

The project, 701 2nd Street Apartments, is a 10-story, Class A multifamily-retail development expected to deliver in December 2014. It will consist of 378 luxury residential units, 25,517 square feet of ground-floor retail space and a 309-space subterranean parking garage.

More typical--and less splashy--are the one proposed by the Congressional Commercial-Menkiti Group JV. "This asset is a good addition to our growing portfolio as we continue to look for and acquire similar neighborhood commercial assets that have the potential to play a transformative role in the development of the District's underserved and emerging corridors," Bo Menkiti, CEO of the Menkiti Group, said in a prepared statement.

Instant Insights /

A Timely Reminder About Infill Potential

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