One of America’s first surface-parked shopping center sells for $39M
JLL Capital Markets closed the sale of the Target-anchored retail center and arranged an acquisition loan for the new owner
WASHINGTON, D.C., January 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.
JLL marketed the property on behalf of the seller, Federal Realty Investment Trust. Asana Partners purchased the asset. Additionally, JLL worked on behalf of the new owner to place the seven-year, fixed-rate, non-recourse loan with an insurance company.
Constructed in 1931, Sam’s Park & Shop is a designated Historic Landmark, as it was one of the first retail centers designed around the automobile. 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. 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 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. 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.
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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. For further information, visit jll.com.
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. 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. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. 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. For additional information about Federal Realty and its properties, visit federalrealty.com.
About Asana Partners
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.