(For more retail coverage, click GlobeSt.com/RETAIL.)
WASHINGTON, DC-The National Capital Revitalization Corp. andMorgan Stanley Real Estate's MSREF US have entered into athree-year, $150-million public-private equity partnership. The JVwill develop properties and assets NCRC owns throughout thedistrict. NCRC expects that the investment will yield between $700million to $800 million in total investments including debt.
There are three projects initially targeted by the partnership.The first will be Skyland, an 18-acre site in Southeast Washingtonthat is currently a hodge-podge of 1950s-era vintage strip mallsthat has had about 16 different owners and 40 different tenantsover the years. The redevelopment of this area, estimated to beroughly $200 million, will likely have a strong retail focus. NCRCdevelopment executive Kevin Warner tells GlobeSt.com that there isa potential for major anchors to be included in the project."Across the street is a Safeway-anchored retail center that is oneof the best producing in the area."
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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.
