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| Susan Carras |
WASHINGTON, DC, Jan. 4, 2021 – JLL Capital Markets announced today that it has closed the $39 million sale of and arranged the acquisition financing for Sam’s Park & Shop, a fully leased, 50,355-square-foot retail center anchored by an urban-format Target store in the Cleveland Park area of Washington, D.C.
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| Sam’s Park & Shop, 3501-3529 Connecticut Avenue Washington, DC |
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| Bill Moylan |
The
retail property – the leading retail destination for the Cleveland Park
neighborhood – last sold in 1995 and currently is anchored by a new,
urban-format Target store.
The center is also home to a diverse mix of first-class credit tenants alongside local favorite food and service-based retailers.
Additionally, the property
boasts 50 surface parking spaces, a rarity in Northwestern D.C.
Situated
on 1.19 acres at 3501-3529 Connecticut Ave., Sam’s Park & Shop is on the
“going home” side of a heavily trafficked commuter corridor that sees
approximately 26,789 vehicles per day.
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| Jordan Lex |
The Red Line Cleveland Park Metro Station is nearby and brings an additional 3,818 daily riders by the property. The center is in Cleveland Park, a historic, high-density, affluent northwest D.C. neighborhood.
About
31,950 residents earning an average annual household income of $181,763 live
within a one-mile radius of the property.
The
JLL Capital Markets Investment Sales Advisory team representing the seller was
led by Susan Carras, Bill Moylan, Jordan Lex and Daniel Naughton.
The
JLL Capital Markets Debt Placement team representing the new owner included Carras,
Evan Parker and Anthony Fertitta.
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
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| Daniel Naughton |
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization.
The
firm has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
About Federal Realty Investment Trust
Federal
Realty is a recognized leader in the ownership, operation and redevelopment of
high-quality retail-based properties located primarily in major coastal markets
from Washington, D.C. to Boston as well as San Francisco and Los Angeles.
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| Evan Parker |
Founded in 1962, Federal Realty's mission is to deliver long-term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply.
Its
expertise includes creating urban, mixed-use neighborhoods like Santana Row in
San Jose, California; Pike & Rose in North Bethesda, Maryland; and Assembly
Row in Somerville, Massachusetts.
Federal Realty's 104 properties include approximately 2,800
tenants, in 24 million square feet and approximately 2,800 residential units.
Federal
Realty has increased its quarterly dividends to its shareholders for 53
consecutive years, the longest record in the REIT industry.
Federal
Realty is an S&P 500 index member and its shares are traded on the NYSE
under the symbol FRT.
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| Anthony Fertitta |
Asana
Partners is a real estate investment company that creates value
by acquiring, enhancing and operating distinctive mixed-use and retail
properties in dynamic urban markets in the United States.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.
JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.
JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
CONTACT:
Kimberly Steele
JLL
Senior Associate
Public Relations
Phone: +1
713 852 3420
Email: Kimberly.Steele@am.jll.com
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