This Week's D.C. Deal Sheet
A massive 1970s-era Alexandria apartment community next to the Landmark Mall redevelopment has a new owner.
CIM Group sold the Mason at Van Dorn, spanning 1,180 units across 25 acres, the Los Angeles-based investment firm announced Friday.
Florida-based Shoreham Capital and Utah-based Bridge Investment Group acquired the property for more than $200M, Commercial Observer reported, citing sources familiar with the deal. Berkadia arranged $157M in agency funding for the deal, CO reported.
CIM purchased the property in 2017 for $228M, Alexandria property records show. The most recent sale hasn't yet appeared in records.
CIM had $150M in CMBS debt on the property set to mature in December 2024, according to Morningstar Credit. A $60M loan was put on Trepp’s watchlist in May 2020 after CIM requested forbearance due to the pandemic.
The property at 140 S. Van Dorn St. houses 14 four- and five-story buildings and community and outdoor recreation areas. CIM completed renovations in 2019, including upgrades to the playground, dog park and tennis courts and adding an Amazon Hub package area and dry cleaning locker.
SALES
UBS Realty Investors sold a 175K SF downtown D.C. office building for $16.2M. Zumot Real Estate Management purchased the property at 1101 Vermont Ave. NW for about $93 per SF. The sale was posted in D.C. deed records Thursday afternoon and first reported by the Washington Business Journal. The building last sold for $60M to UBS in 2006 as part of a $196.4M portfolio sale. The assessed value of the property was $49.4M for the 2025 assessment cycle.
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A joint venture purchased a 181K SF office property across from CityCenter DC. Quadrangle Development Corp. and FarmView Ventures paid $95M for the property at 1099 New York Ave., formerly owned by Credit Suisse Asset Management, JLL announced this week. The WBJ first reported the deal.
The 11-story office building is 95% leased to eight tenants with an average weighted remaining lease term of nine years, according to the announcement. JLL’s Andrew Weir, Jim Meisel, Matt Nicholson, David Baker and Kevin Byrd represented the seller
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MRP Realty is preparing to take over the 660K SF mixed-use Gallery Place complex from Oxford Properties after a receiver sale. The D.C.-based company was the highest bidder on the property, which had been in receivership since last May. The sale is pending approval from the D.C. Superior Court and is expected to close in early summer. The price hasn't been released, but the latest receivership report this month showed the property debt at $179M and the overall valuation at $327M. It sits next to Capital One Arena, which this week secured an agreement to keep the Capitals and Wizards for another 25 years.
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Douglas Development sold a 13-story hotel it developed in 2020 near the convention center. Apple Hospitality REIT purchased the 234-room AC Hotel Washington DC Convention Center at 601 K St. NW for $116.8M. It is the Richmond-based REIT’s first property in D.C. proper, although it owns three hotels in the suburbs.
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Bethesda-based Aldon Management sold two Bethesda apartment buildings it developed in the 1960s for a combined $85.5M. D.C.-area investment firm Corner Lot Advisors purchased the properties, which total 329 units: 8200 Wisconsin Ave. and Middlebrooke Apartments at 5015 Battery Lane. The 1967-built Wisconsin Avenue property sold for $63.25M, and the 1962-built Battery Lane property went for $22.5M.
LEASES
Sky Zone is set to open three locations in the D.C. region. The indoor trampoline park company announced it will bring parks to Alexandria, Arlington and Frederick this year. The locations aren't yet determined. The company owns, operates and franchises more than 270 parks. A typical Sky Zone is 32K SF, ARLnow reported, citing a Sky Zone press representative.
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The D.C. Housing Authority leased 26K SF across the street from the Chinatown archway, the agency announced Monday. DCHA will move 150 staff members into its new footprint at 702 H St. NW, which will act as a customer service center. The property is part of Douglas Development’s Chinatown Row, a 145K SF assemblage of office and retail across the street from Gallery Place and Capital One Arena.
MILESTONES
Sodexo executives cut the ribbon on its new 50K SF regional headquarters in North Bethesda this week. The food giant moved into Federal Realty Investment Trust’s 915 Meeting St. at the Pike & Rose development. It relocated from its longtime headquarters in Gaithersburg, where it most recently leased 117K SF, the WBJ reported.
PERSONNEL
Rappaport has hired a new senior vice president of operations, the McLean-based brokerage announced this week. Eddie Rodrigues comes to Rappaport after 20 years in the property management business. Rodrigues was the director of property management at Finmarc Management for nearly three years and, before that, a senior property manager at WashREIT for 18 years, according to his LinkedIn profile. He began last month and is based in McLean.
