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Georgetown Partners notes state capital’s West End market performance and proximity to hospitals were key acquisition drivers
RICHMOND, VA, April 25, 2018 – JLL announces today its recent leasing assignment at the Commonwealth Medical Building, 7301 Forest Avenue in Richmond, Virginia. In a joint venture, DC-based
Georgetown Partners and New York's
Red Starr Investments acquired the 42,906-square-foot property in April 2018. JLL's
Gareth Jones and
Adam Lawson will lead the leasing efforts at the medical office project.
"We have been looking for opportunities to invest in the Richmond market for years," noted Mario Levine, Managing Director, Georgetown Partners. "We've seen the vibrant growth in Richmond and immediately saw the Commonwealth Medical Building as a true asset within the Class A medical landscape. Its proximity to major healthcare facilities as well as its location within the West End market made this a logical entry point for us here and see the JLL team as a true partner in the building's leasing and marketing efforts."
While 7301 Forest Avenue marks Georgetown Partners and Red Starr's first investment in the Richmond market, Red Starr Investments has invested in two other projects in the Commonwealth, at James Madison University and a 400-unit multifamily project in Newport News. "We continue to see Richmond and the State of Virginia as a robust and growing region," stated Jared Starr, Founder and Managing Principal, Red Starr Investments. "We see the Commonwealth Medical Building as the first of many more."
Of the 42,906-square feet, there is currently 26,372-square feet available. "Demand for medical space remains strong in the submarket. Coupled with major common area improvements to the building and proactive ownership, we believe the Commonwealth Medical Building will have a successful lease-up," stated Gareth Jones, Vice President, JLL. "Between the convenience of the location and the tremendous access to the region's primary healthcare facilities, we see the property as a logical place for medical practices to locate."
For more information about the Commonwealth Medical Building, visit
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
About Georgetown Partners
Georgetown Partners is a private real estate investment company focused on real estate in the Washington, DC Metro area. We are targeting both stabilized and value-add opportunities, which will diversify the investment portfolios for investors. With over 20 years of commercial real estate experience, Georgetown Partners has worked with institutional clients delivering results. We are a fully integrated company that handles all asset, leasing, and property management in-house or with strategic partners that are aligned with us in the investment.
About Red Starr Investments
Founded in 2011 by Jared Starr and William Rukin, Red Starr Investments is focused on making opportunistic real estate investments as an operator or capital provider throughout the United States. Red Starr seeks to invest at all levels of the capital stack from high yield senior loans to common equity in order to achieve out sized, risk adjusted returns. The Red Starr team is comprised of professionals in New York and New Jersey that provide in-house acquisitions, asset management, construction, sales, financing and property management expertise to all Red Starr projects.
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