CBRE Global Investors Acquires North Bethesda Market
North Bethesda Market, a mixed-use development with 411 apartments and 183K SF of retail, has just traded hands.
CBRE Global Investors acquired the property at 11351 Woodglen Drive in North Bethesda for an undisclosed price through its CBRE Strategic Partners U.S. Value 8 fund, the company announced Wednesday.
The seller, Capri Capital Partners, bought a majority stake in the property in 2011 for $200M from The JBG Cos. and MacFarlane Partners.
The development's retail portion, currently 87.4% leased, is anchored by a Whole Foods Market and includes LA Fitness, Starbucks and Jimmy John's. The multifamily component, consisting of a 24-story high-rise with 187 units and a six-story mid-rise with 224 units, is 96.8% leased. CBRE said it plans to renovate the multifamily and retail with updates to the units, common areas, signage and lighting.
"Considering the mixed-use site, accessibility to transportation and desirable neighborhood, we believe North Bethesda Market will be very competitive," CBRE Global Investors Portfolio Manager Robert Perry said in a release.
