Washington D.C.
JCR Buys Southern Maryland Shopping Center for $22M
JCR Companies continues to expand its D.C.-area portfolio of retail properties. Its latest acquisition is the Manokeek Village Shopping Center in Accokeek, Prince George’s County. The company paid $22 million to buy it from Klaff Realty.
LCOR/CALSTRS Breaks Ground on 2,000-Apartment Complex in McLean
LCOR/CALSTRS is building more than 2,000 units in McLean. The company broke ground last week on the first phase of a seven-phase project expected to help fulfill the need for residential housing in the Tysons Corner area.
Marriott International to Open AC Hotel Washington, D.C. at National Harbor
Marriott International, Inc.’s is getting ready to open its third AC Hotels branded property in the United States. The AC Hotel Washington, D.C. at National Harbor will welcome its first guests next month. It will be the first AC Hotel in the Northeast.
Schupp Cos. Constructs World’s Only LEED Gold Hyatt Place
Greater D.C. is getting a new hotel. The Schupp Cos. broke ground last week on a new Hyatt Place hotel. According to the developer, not only will it be the first LEED Gold hotel in the Arlington area, it will also be the only LEED Gold Hyatt Place in the world.
JBG Sells Reston International Center to American Real Estate-Square Mile JV
The 15-story office tower known as the Reston International Center is now under new ownership. American Real Estate Partners purchased the property in a joint venture with funds managed by New York-based Square Mile Capital Management LLC. The sale price was $35 million.
Boston Properties, Home Properties Reduce D.C.-Area Apartment Portfolios
Investors continue to show a lot of interest in the Washington, D.C. apartment market. Last week, it was revealed that three more apartment communities in the area have changed hands this winter or are under contract to change hands.
Level 2 Plans 315-Unit Apartment Building at Union Market
Level 2 Development, LLC plans to bring an apartment building with more than 300 units in northeast Washington, D.C. The company has recently filed a Planned Unit Development Application with the Zoning Commission for a project called The Highline at Union Market.
Behind Rosslyn’s Growth: Q&A with Mary-Claire Burick
Rosslyn, in Northern Virginia, is fast becoming one of the most interesting places in the United States. Located close to the heart of Washington, DC, the neighborhood is home to more than 8 million square feet of office space, more than 2,000 hotel rooms and some of the tallest buildings in the metropolitan area. The Rosslyn Business Improvement District has played an important role in the neighborhood’s transformation into a more exciting commercial and residential community. Mary-Claire Burick has been president of the BID since September 2013 and she has agreed to talk to us about this fascinating neighborhood.
Developers Unveil Mixed-Use Community in Alexandria
Mayor William Euille joined officials from Mill Creek Residential Trust LLC and AEW Capital Management, L.P. last week, to help unveil a new mixed-use community in Alexandria’s West End. Called the Modera Tempo, it is the first new development to be completed within the Landmark/Van Dorn Small Area Plan.
Arlington County Approves 450-Unit Apartment Project
The Washington, D.C. area is about to get even more apartments. Last week, the Arlington County Board voted unanimously to approve the redevelopment of an old office building into more than 450 apartments.