This Week’s D.C. Deal Sheet
The retail space at prominent Shaw mixed-use complex The Shay has sold to the same company that bought its apartments last year.
Bernstein Management Corp. acquired the 27K SF of ground-floor retail at the two residential buildings at 1921 and 1924 Eighth St. NW, it announced this week.
Documents filed with the D.C. Recorder of Deeds show the price for the retail spaces totaled about $14M. It paid over $80M in July for the 245 apartments at The Shay.
Retailers include Warby Parker, Le Labo, Union Kitchen Grocery, Rewild, Cracked Eggery, Gogi Yogi, Compass Coffee and Cava. The JBG Cos. developed The Shay in 2015 before selling it to Dweck Properties in 2015 following delivery.
“The acquisition of The Shay retail both creates operating efficiencies with The Shay apartment community and allows us to further our investment in the vibrant Shaw neighborhood with a best-in-class retail asset,” Bernstein Management Corp. CEO Josh Bernstein said in a statement.
SALES
Two hundred fourteen units of housing will remain affordable in Prince George’s County through a right of first refusal deal. The county’s Department of Housing and Community Development used its ROFR program to allow Hudson Valley Property Group to purchase the 286-unit Pleasant Homes Apartments at 6606 Greig St. in Seat Pleasant, the DHCD announced in a press release Monday.
In addition to designating the vast majority of the property as affordable, the new owners will stabilize rent growth for 30 years, according to the release. Hudson Valley received a $2M ROFR Preservation Fund loan from the county and a payment-in-lieu-of-taxes agreement that includes a 30-year tax deferral.
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Amazon paid $152M for 140 acres in Prince William County, where it has been building out its data center portfolio, the Washington Business Journal reported Wednesday, citing county records. The site is made up of two pairs of parcels, one totaling 27 acres at 7151 and 7350 Century Park Drive and the other 113 acres at 8401 and 8501 Vulcan Lane.
FINANCING
Affinius Capital has refinanced the National Cancer Institute Headquarters in Rockville. JLL Capital Markets, which brokered the deal, announced the news in a press release Monday. Although the brokerage didn't give a figure, CoStar reported the financing was for $140M. The eight-story 587K SF property is within the Shady Grove Life Sciences Center. NCI recently executed a 10-year lease extension at the property through 2033.
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Northpath Investmentments secured $18.4M in acquisition financing for a 161K SF retail center in Hyattsville. JLL Capital Markets, which arranged the financing, announced the deal in a press release Monday. The property, built in 2007, is located on Belcrest Road, next to the Hyattsville Metro Station. Its tenants include Bob’s Discount Furniture, Staples, LA Fitness, Citibank and Dunkin'.
JLL didn't provide details on the overall price for the acquisition, and a transaction hasn't been recorded in Prince George’s County land records. JLL’s Michael Klein, Max Custer, Brian Buglione and Benjamin Morgenthal facilitated the financing.
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1784 Holdings received a $53M construction loan to build a 199K SF, multilevel self-storage facility in Bethesda. Irvine, California-based Talonvest Capital, which brokered the deal, announced the news in a press release Thursday and a spokesperson for the company confirmed the square footage. The loan was funded by a privately held real estate firm, which wasn't disclosed.
Talonvest’s Kim Bishop, Jim Davies, Ivan Viramontes, Tom Sherlock and Lauren Maehler represented 1784 Holdings.
