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The first phase of the $3.5 billion, multi-year project will create a 1.3-acre community park at the corner of 30th and Market Streets to be known as Drexel Square.

The buyer, an entity controlled by Westbrook Partners, acquired the property free and clear of existing debt.

“This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017,” says Steve Poulos, founder/CEO of Bridge Development Partners.

Creative deal-making skills and the ability to reposition obsolete real estate are necessary elements for buyers entering the highly competitive Orange County marketplace, Savills Studley's Brad Schmitt tells GlobeSt.com.

Along with a few other projects in the North End of Shaw, JBG SMITH has helped to redefine the area, which is popular with millennials.

While volume has been leaner this year, at about 75% versus 2016, pricing is up and the industry as a whole is somewhat in check in terms of healthy balance sheets and overall supply, according to a recent hotel panel.

Economy and midscale hotels outperformed forecasts in the third quarter (and likely fourth quarter) because of displaced residents and clean-up crews requiring temporary housing after Harvey.

Although office has regained traction since the Global Financial Crisis, the top investors aren't spending quite as much as they did between 1997 and 2007, according to Yardi Systems' COMMERCIALCafé.