BETHESDA, MD—A source tells us that the Chicago-based private equity firm Capri Capital Partners is buying out the remaining stake in North Bethesda Market for $100 million. The sellers are JBG Cos. and MacFarlane Partners. Capri did not return a call to GlobeSt.com and JBG declined to comment.
The partner buyout follows Capri Capital's initial acquisition in the property in 2011, when it took a $200-million majority stake in the residential-retail mixed-use project.
North Bethesda Market, located across from White Flint Mall and close to the White Flint Metro, includes 200,000 square feet of retail space and 400 apartment residences, half of which are located in the 24-story, glass tower that is Montgomery County's tallest residential building.
In 2013, JBG Cos. received approval of the next phase of North Bethesda Market-a new 24-story residential tower with 340 apartment residences, 150,000 square feet of office and 130,000 square feet of retail.
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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.
