This Week's D.C. Deal Sheet
An affiliate of Foulger-Pratt sold a self-storage building it developed in the NoMa-Eckington submarket for $46M, according to property records.
The self-storage facility at 72 Florida Ave. NE was acquired by Dallas-based Invesco Real Estate in partnership with Baranof Holdings. Foulger-Pratt delivered the 1,752-unit facility in March 2020.
Foulger-Pratt was represented by a JLL team led by Steve Mellon, Brian Somoza, Craig Childs, Bill Prutting and Jay Wellschlager. The facility serves an immediate area with 405,000 residents and counting, and was underserved in the self-storage business, according to a JLL release.
Foulger-Pratt first acquired the parcel from the Herson family in 2017 as it moved forward on the 372-unit Press House at Union District a few blocks away. The residential project began move-ins in July 2021.
A spokesperson for Foulger-Pratt declined to provide updates on hotel and retail portions of the Press House development, which were a part of the project when it was first pitched.
SALES
Brookfield Properties has acquired a 9-acre parcel near Dulles with plans to build a 130K SF warehouse, the Washington Business Journal reported. The parcel, located at 25435 Pleasant Valley Road, would be the first Brookfield industrial building in the area once completed. The Canadian asset management giant acquired the site for $10.8M in June. Brookfield has acquired two other sites for logistics development in the area for a combined $60.7M, one in Gaithersburg and one in Landover, per the WBJ.
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The NRP Group appears to be in the final stages of acquiring a Kingstowne parking lot from The Halle Cos. for redevelopment, the Washington Business Journal reported. The site, currently a 4.7-acre parking lot, is zoned for multifamily development. In a filing with the county, the site’s new owner is looking to shift around slightly the multifamily and retail square footage allowed on the site, which currently totals 726K SF.
FINANCING
The owners of NASA's downtown headquarters landed a $275M refinancing deal for the property, which will allow them to make debt-only payments until the agency's lease expires in 2028. Hana Alternative Asset Management and Ocean West Capital Partners secured the refinancing, allowing them to recapitalize their equity, thanks to Chicago-based Mesirow. Cushman & Wakefield brokered the loan. The nearly 600K SF property, located at 300 E St. SW, is one of the federal government's largest leases.
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A senior affordable housing project that has long been in the works at Barry Farm has landed a nearly $34M multifamily housing mortgage revenue bond from the Office of the Deputy Mayor for Planning and Economic Development. The Asberry is being developed by the D.C. Housing Authority and nonprofit Preservation of Affordable Housing Inc., and it is the first phase of the redevelopment of the sprawling housing project in Southeast D.C. DMPED has provided a total of $43M toward Barry Farm in New Communities Initiative funding, the office said in a press release.
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Community Housing Initiative has secured financing for the $42M Cascades at Frederick development, a 151-unit senior housing project. The property, which will be financed in part through Low-Income Housing Tax Credits, is backed by both the Maryland city's Department of Housing and Human Services and the Frederick County Department of Housing and Community Development. The developer broke ground on the project earlier this month. Cascades is expected to begin move-ins in November 2023 to people aged 62 and up and earning 60% or less of the area median income.
Gerren Price was named president and CEO of the DowntownDC business improvement district this week after serving in the role on an interim basis for nine months. Price, who previously served as director of public space operations at the BID, has shepherded the launch of the Downtown Day Services Center and $21M Franklin Park redevelopment during his time there. He is just the third leader of the oldest such organization in the District, and assumes his role after Neil Albert stepped aside last November amid scrutiny over alleged ethics violations he committed during his time leading the D.C. Housing Authority. In a statement, incoming Board Chair Michael McCarthy praised Price's "steady hand" during that leadership crisis, something Price will need as downtown navigates a changing post-pandemic landscape.
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Andrew Genova was hired by Donohoe Real Estate Services to help lead its occupier services alongside his father, Donohoe Real Estate Services President Drew Genova. The younger Genova will serve as executive vice president for occupier advisory in his new role, advising on site selection, acquisitions and due diligence for tenants and real estate users, according to a press release. Genova previously served as principal at Avison Young, amassing a portfolio of 1.5M SF with more than $750M in value through leasing, investment services, consulting and advisory and portfolio management.
