WASHINGTON, DC—A pending trade a source told us about earlier this month has been confirmed: Atlanta-based Jamestown is buying The Shops at Georgetown Park. The purchase price is $272.5 million, or $893 per square foot.
Vornado announced in its earnings report this week that it reached a deal in June to sell the property that it acquired with partner Angelo, Gordon in a foreclosure auction for $61 million in 2010.
The companies then invested millions of dollars in a renovation that eventually attracted such national tenants as TJ Maxx/HomeGoods and DSW, as well as a Washington Sports Club.
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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.
