X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-UrbanAmerica LP, a New York City-based investor in urban properties, has sold its Washington, DC portfolio to Urban Retail Investors LLC for $48.5 million. Urban Retail Investors is a local private group.

The portfolio consists of seven office/retail mixed-use properties that UrbanAmerica acquired in 2000 and 2001 for $33 million, according to Richmond McCoy, president and CEO of UrbanAmerica. The firm then invested an additional $4 to $5 million to bring in new tenants and improve the appearance of the properties.

The properties are located at 3907 Benning Rd.; 322 40th St.; 4528 Benning Rd.; 1500 Franklin St.; 4001-35 South Capitol; 3839 Alabama Ave.; and 6505 Annapolis Rd. in Landover Hills, MD.

Its partner in several of the transactions, Marshall Heights Community Development Organization, a local community development organization, helped UrbanAmerica to win grants, bring in new retail tenants and provide guidance in overall strategy, McCoy tells GlobeSt.com.

UrbanAmerica’s asset management campaign also included leasing to anchor retailers such as CVS, Footlocker, Giant Foods and Subway, as well as stabilizing the office tenancy of DC government agencies.

Typically, McCoy says, UrbanAmerica’s strategy is to attract national retailers to the urban core to produce market rate returns for investors while driving community revitalization.

The seller was represented by Tom Robinson of North Star Realty and John Howly of Cushman & Wakefield.

McCoy says the company is currently pursuing other investment opportunities in the District and will continue to maintain an office here. The firm is currently executing the deployment of its UrbanAmerica LP Fund II which has approximately $400 million in equity.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.