JCR Buys Two Properties in DC Area
- Mar 24, 2014
Last week, The JCR Cos. acquired two properties in the Washington, D.C., metropolitan area, adding them to its growing portfolio of urban infill buildings and expanding its reach into the office sector. The two properties are located in Alexandria, Va., and in D.C.’s sought-after Logan Circle neighborhood.
JCR acquired the Alexandria building in association with CAS Riegler Cos. and RS Snead Construction. The American Association of Physician Assistants sold the property for $4.5 million. It is a 26,347-square-foot building, located at 950 N. Washington St. The property has been vacant since 2011, when AAPA moved its national headquarters to Alexandria’s Carlyle neighborhood.
The building was acquired with funds provided by Cardinal Bank. NAI KLNB represented the buyer in the transaction; Avison Young represented the seller. In a press release, JCR announced it will immediately start a renovation project to convert the building into a “unique mixture of executive suite offices and co-working space.” Lancaster Architects was selected as the project’s architect.
“We are very pleased to add a fourth asset to our Old Town Alexandria submarket portfolio and also excited about the growth of our office platform,” said Joe Reger, managing partner of JCR, in a statement for the press. “With the success of this acquisition, we are currently focusing on acquiring additional unique, infill office buildings in the Washington, D.C., area.”
Reger also said his company is close to acquiring a similar building in Maryland and that it plans to buy several more this year. “We prefer buildings ranging from 20,000 to 50,000 square feet with significant vacancy.”
In Logan Circle, JCR purchased a retail condominium and a commercial garage at The Metropole, a luxury condominium residence built in 2008 at 1515 15th St., N.W. The retail condominium offers 23,225 square feet of space and is fully occupied by Vida Fitness and Bang Salon. The two-level, underground garage features 72 parking spaces.
JCR bought the property from American Realty Advisors for $6.3 million. The acquisition was financed by Eagle Bank. CBRE represented American Realty Advisors in the transaction.
Photos courtesy of LHB Communications.