This Week's D.C. Deal Sheet
The second phase of Southeast D.C.'s Barry Farm redevelopment has received financing.
The D.C. Housing Finance Agency announced it has issued $61.1M in tax-exempt bonds and $52M in federal Low-Income Housing Tax Credit equity to construct The Edmondson, a 139-unit affordable apartment project.
“The construction of The Edmondson will provide beautiful, healthy, and affordable homes for residents to return to,” DCHFA CEO Christopher Donald said in a release Thursday. “We eagerly anticipate investing further in the future phases of this historic neighborhood.”
The new building is the second to move forward at Barry Farm, a historic public housing community that is being redeveloped as part of D.C.'s New Communities Initiative. The project was delayed for years as a court stripped its approval in 2018 following an appeal, but the first phase began construction in 2022.
The first phase is a 108-unit affordable senior living community called The Asberry. DCHFA provided $33.7M in tax-exempt bonds for that development.
The Edmondson is being developed by Preservation for Affordable Housing Inc. and the D.C. Housing Authority. The four-story property is reserving its units for those making up to 30%, 50%, 60% and 80% of the area median income. It is planned to include 22K SF of retail space and a community room, on-site management office, playground, fitness room, business center and on-site parking.
SALES
DSC Partners, in partnership with Harbert Management Corp., acquired a 17-building industrial, flex and office portfolio in Lanham. DSC purchased the buildings totaling 785K SF for $86.4M, the Rockville firm announced Monday.
The seller was Rockville-based BECO Management, a representative for DSC told Bisnow. Forbes Center is 93% occupied, the representative said. Its tenants include local distribution, government contractors, local and national service providers, and medical tenants. DSC Partners has retained KLNB’s Rob Pugh, Ken Fellows, Keiry Martinez and Aaron Carroll to lease the properties and Transwestern to provide property management.
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Lincoln Property Co. has acquired the 87K SF retail center above the Tenleytown Metro station. The Dallas-based vertically integrated company purchased Cityline at Tenley for $33.8M, according to documents filed with the D.C. Recorder of Deeds. The seller was Invesco Real Estate, according to deed records. The property, anchored by Target, is 100% leased. Its other tenants are Ace Hardware, Bank of America, The Container Store and The Framing Studio. The acquisition is part of Lincoln’s ongoing “necessity retail” investment strategy, the firm said.
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A 50K SF office building in Bowie, formerly the corporate headquarters for Washington Saving Bank, sold for $6.2M. Beatrice Loving Heart Agency purchased the five-story property at 4201 Mitchellville Road from WesBanco. It was 30% leased at the time of sale. MacKenzie Commercial Real Estate Services announced the transaction, as the firm’s Owen Rouse and David McClatchy represented the buyer and seller. Beatrice Loving Heart Agency plans to relocate its headquarters from Landham to the property later this year.
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A three-building outpatient clinic in Silver Spring has been acquired for $15.3M, Avison Young announced Thursday. Blue Arch Capital purchased the 90K SF Doctors Medical Park from Medical Center Associates. Avison Young’s Jim Kornick, Mike Wilson and Joe French represented the seller. The brokerage also arranged the acquisition financing for the buyer, with a team led by Jon Goldstein, Michael Yavinsky and Wes Boatwright.
LEASES
MRP Realty’s Crystal & Clark, a pair of office buildings in National Landing, has secured 210K SF of leases. Lincoln Property Co., which leases the properties totaling 561K SF at 2450 and 2641 Crystal Drive, announced the milestone this week. Among the transactions announced were Shield AI's 43K SF lease and the Association for State and Territorial Health Officials' 17K SF agreement. Both were represented by Transwestern’s Michael Goldman and Claire Poole. An unnamed cybersecurity technology company took 11K SF and was represented by JLL’s Bob Shue and Steve Burman. Lincoln’s Gary Cook, Stoddie Nibley and Neil Alt represented the ownership in the transactions.
PERSONNEL
Hoffman & Associates has brought on a new CEO. Brian Dawson, previously a senior managing director for JLL, is taking the helm of the company and its $6B portfolio, it announced Wednesday. He replaces Mark Dorigan, who took over for founder and chairman Monty Hoffman at the end of 2019. At JLL, Dawson focused on the Southeast and mid-Atlantic regions, working with Hoffman’s team on The Wharf and on Seaboard Station in Raleigh, North Carolina.
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Gensler is shifting the leadership of its D.C. office, it announced this week. The architecture and design firm is bringing on Kim Sullivan to join Francisco Gonzalez in co-managing the office. Sullivan has been at Gensler for the past 11 years, most recently serving as principal and studio director. She replaces Theresa Sheils, who is moving to a role as co-regional managing principal of the firm’s Asia Pacific Middle East region and will be based in Singapore. Sheils had been in the role since 2018.
CORRECTION, JUNE 7, 5:30 P.M. ET: A previous version of this story misstated Kim Sullivan’s previous title. It has been updated.
