This Week's D.C. Deal Sheet
Brookfield Properties announced four new retail tenants at The Yards Phase 2: Foxtrot, Jungle & Loom, Maman and Playa Bowls.
Specialty grocer Foxtrot leased 4,300 SF and plant purveyor Jungle & Loom took 2K SF at 1275 New Jersey Ave. SE, a newly delivered office building anchored by Chemonics International. Foxtrot opened Friday, and Jungle & Loom is scheduled to open next year.
Southern French-inspired bakery Maman will take 3,500 SF at multifamily development Vela at 1300 Yards Place SE, where it expects to open later this year. It will be joined in the building by acai bowl and smoothie shop Playa Bowls, which leased 1,400 SF and expects to open next year.
Jenn Price and Kim Stein of KLNB represented Brookfield in the deals. Asadoorian Retail Solution’s John Asadoorian represented Foxtrot; Greater Potomac Realty’s Bradley Riddle represented Playa Bowls; Brand Urban represented Maman; and KLNB’s Alex Meyer represented Jungle & Loom.
The Yards Phase 2 is planned for 3.4M SF of new development across 10 buildings, expected to deliver in phases until 2030. It is planned for more than 1,260 residential units, 1.8M SF of office and Yards Place, a pedestrian-only main street running from Navy Yard Metro to Diamond Teague Park on the Anacostia riverfront.
LEASES
Local Korean fast-casual chain SeoulSpice is planning to open its seventh location in the Navy Yard this summer, owner Eric Shin tells Bisnow. The bowl and burrito shop inked a 2,409 SF lease in the former Roti space at 1251 First St. SE and plans to open in June. John Gogos brokered the deal in the mixed-use building that JBG Smith acquired for $161M in 2019. SeoulSpice has locations in NoMa, Tenleytown, Penn Quarter, Rosslyn, College Park and Bethesda.
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A restaurant services company renewed an industrial lease in Prince George’s County and expanded with a new deal nearby, JLL Executive Managing Director John Dettleff announced in a LinkedIn post. The 88K SF renewal was signed with landlord Berkeley Partners at 1902 Stanford Court in Landover, and the 57K SF new lease was inked with Nuveen at 1811 Cabin Branch Drive, Dettleff told Bisnow.
Dettleff declined to share the name of the tenant. But according to Google Maps, the Stanford Court building is occupied by restaurant supplier TriMark Adams Burch.
MILESTONES
JBG Smith announced it submitted plans to Arlington County for a seven-story, 370-unit mixed-use development at the National Landing’s Block W. The building is planned to include 3K SF of ground-floor retail and preserve 35K SF outdoor space that is home to the Crystal City Volleyball Courts.
SALES
New York-based developer July Residential earlier this month acquired a low-rise office site in Northeast D.C.’s Woodridge neighborhood, long occupied by an International Brotherhood of Teamsters union outpost, for $2.65M, deed records show. Feldman Ruel Urban Property Advisors Managing Principal Ian Ruel, whose team represented the buyer in its purchase of 2001 Rhode Island Ave. NE, said it is planning to raze the building and construct a by-right development with 40 to 50 residential units.
July Residential has four D.C.-area projects either completed or in the pipeline, according to its website. Ruel said he was grateful to work with the firm and looks forward to seeing it activate the site.
“I think the Woodridge neighborhood is off most developer’s radars, but there’s a robust pipeline of quality development projects slated for the immediate area,” he said. “We look at this submarket as having a ton of long-term growth potential.”
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Ronald D. Paul Cos. sold a six-story West End office building for $20.5M, according to documents filed with the D.C. Recorder of Deeds. The 57K SF property at 2121 Ward Place NW is also known as the Duke Ellington Building for its proximity to the location where the famed jazz musician was born in 1899. There were three buyers, according to deed records, with ONE Street taking just over 84% of shares. McLean Partners brokered the deal on behalf of the buyer. Ronald D. Paul Cos. had purchased the property in 2013 for $26.5M.
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Post Brothers announced it plans to undertake an office-to-residential conversion of a West End building that it purchased earlier this month. The Philadelphia-based developer purchased the 300K SF building at 2100 M St. NW for $66.77M. Post Brothers says it may have to demolish the property due to the building’s “irregular shape and deep floor plates,” or “undertake a complex construction project” to build 300 units at an estimated cost of $300M.
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Terreno Realty Corp. purchased a new 33K SF industrial building, developed on spec by Douglas Development last year, for $13.4M, according to deed records. The building sits on 1.3 acres at 2266 25th Place NE in the historically industrial Langdon neighborhood. The estimated stabilized cap rate of the property was 5.3%, according to a press release on the deal.
In October, Gallaudet University signed a 10-year lease for the entire square footage of the facility for transportation fleet maintenance and storage, the Washington Business Journal reported. It is a half-mile from Terreno's six-warehouse, 830K SF portfolio on V Street in Northeast.
PERSONNEL
Texas-based brokerage firm Whitebox Real Estate announced Ben Crancer will serve as market leader for its expansion to D.C., where it opened an office at 1200 G St. NW. The District is the first market outside Texas for the firm, which deals exclusively in tenant representation. Crancer was previously an associate vice president in the firm’s Dallas office. Whitebox also has offices in Fort Worth and Houston.
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Institutional Property Advisors, a division of Marcus & Millichap, hired Lindsay Stroud as senior managing director of its D.C. office. In his new role, Stroud will “work closely with management to build an IPA Capital Markets team in the mid-Atlantic region,” reads the company’s press release. Stroud comes from Savills, where he served as a senior managing director for nearly nine years, and before that, he worked as a managing director at Perseus Realty Capital for eight and a half years.
CORRECTION, MAY 30, 5:56 P.M. ET: A previous version of this story misstated the name of Whitebox. This story has been updated.
