WASHINGTON, DC—The JBG Cos., just announced that it plans to buy out the ownership of JBGR Retail, a company in whom it has had a minority stake and has maintained a working partnership for more than 20 years. The transaction will close in mid-January.
JBG is expanding the scope of its retail leasing and management services expertise with this acquisition, according to a prepared statement by One reason JBG decided to bring the company in-house is that retail is becoming an increasing important component of its mixed-use projects, JBG Managing Partner David Paul said in a prepared statement.
Another reason is that it wants to expand the scope of its retail leasing and management services offerings to third parties.
JBG has 2.9 million square feet of retail space in its mixed-use properties, for which JBGR Retail has been providing leasing and asset management services.
With the JBGR Retail acquisition under its belt, JBG plans to expand its third-party leasing and asset management services to include retail-only properties, both inside and outside of the its core Washington DC market.
JBG Cos. was not immediately available for comment. GlobeSt.com will update this story when further information becomes available.
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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.
