JCR Cos. Has Five Properties Under Contract

ARLINGTON, VA-Locally-based JCR Cos. has gone on an acquisition spree in the DC area, with five properties--including one retail building in Dupont Circle--under contract. The four other properties are multifamily buildings, JCR managing partner Joseph Reger tells GlobeSt.com. The deals are small in dollar terms. Together they come to between $7 million to $8 million, but they speak volumes about the strategic value-add opportunities here that continue to emerge.

The firm just closed on two other multifamily properties in the area, both value-add urban retail and mixed-use. They are 601 King St., a four-story mixed-use building in the heart of Old Town Alexandria that traded for a little over $3 million and 301 Massachusetts Ave., NE, which sold for $2.4 million. The company intends to renovate both properties, with the final redevelopment budget still unclear, Reger says. Eagle Bank financed both properties.

The 11,250-square foot Old Town building, located on the corner of King and St. Asaph streets, houses Chipotle Mexican Grill and 16 office tenants. Capital Advisors and Walker & Dunlop represented JCR. The seller was a joint venture between Regency Centers and First Washington Realty. 301 Massachusetts, situated at the corner of Third Street and Massachusetts on the Senate side of Capitol Hill, is a three-story, 4,000-square foot building occupied by the White Tiger restaurant. Streetsense Retail Advisors of Bethesda, MD, represented the seller, a private individual. They are JCR's eighth and ninth acquisitions since the company was founded in 2009.