WASHINGTON, DC—JBG Cos. has reportedly sold its Louis at 14th mixed-use development here to TIAA-CREF for a purchase price between $170 million and $180 million.
JBG hired ARA Real Estate Investment Services almost a year ago to market the 268-unit development located in the heart of the District's U Street corridor where TIAA-CREF already owns a number of properties. Louis at 14th is anchored by a Trader Joe's, which opened earlier this spring, according to the Washington Business Journal. However, the first leases for the apartments at the property have not been signed.
"They've been watching this location strategically for a couple of years now and they realized this location at Main and Main moved the needle for them," says ARA broker Drew White, who brokered the transaction with colleague Ryan Ogden. "There was a phenomenal level of interest because of the location and all the parts to it." See story in the Washington Business Journal.
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