A mixed-use portfolio in Old Town Alexandria that Asana Partners assembled between 2016 and 2018 and invested $20M to renovate has hit the market.

Asana owns 815 1/2 King Street in Old Town, Alexandria

The Charlotte, North Carolina-based firm is looking to sell a 21-building portfolio totaling just over 200K SF on and around Alexandria’s historic King Street commercial corridor, according to a JLL Capital Markets brochure.

JLL Senior Director Daniel Naughton announced the listing last week in a LinkedIn post, saying it represents the largest-ever assemblage of properties on King Street. 

JLL didn’t respond to a request for comment, and Asana declined to comment.

The low-rise buildings include national retailers Sephora, Ben & Jerry’s, Alo Yoga, Emmy Squared, Patagonia, and Warby Parker. Its office tenants include Compass Real Estate, KVS Title and Sourced Intelligence, and it has at least 38 apartment units.

The portfolio is 76% leased, according to the brochure, with the retail portion 94% leased, the office 49% leased and the residential portion 95% leased. 

Two of the properties, a 6,500 SF building at 900 Prince St. and a 4,500 SF building at 1104 King St. are fully vacant, and 12 of the properties are fully leased, JLL brochure says. 

The brokerage breaks up the portfolio into “Lower King” with five assets, “Middle King” with 11 assets and “Upper King” with five assets. 

JLL’s Danny Naughton, Jordan Lex, Danny Finkle and Dave Baker are the investment sales advisers marketing the property, and Evan Parker is the financing adviser. 

Asana acquired at least 15 of the properties between December 2016 and July 2017, Bisnow first reported at the time. It purchased the first eight properties at the end of 2016 for $40M from PMA Properties. It purchased six more totaling 35K SF for $21.9M in August 2017. 

By the end of 2017, the company had spent $115M to acquire 23 properties totaling 210K SF on and just off of King Street, Asana Managing Partner Reed Kracke told Bisnow in a December 2017 interview.

Kracke said the stretch had “so many of the factors that are compelling for retailers today,” pointing to factors like income levels and density.

“The buildings are really irreplaceable historic buildings that have been around — some since the 1700s, 1800s and early 1900s,” he said in the 2017 interview. “The authenticity of the buildings on the street is not something you can re-create.”

Old Town Alexandria’s 719K SF of high-street retail space has a 5.84% vacancy rate, according to Dochter & Alexander Retail Advisors’ latest market report released last month. Its 5M SF of office space is 17.6% vacant, according to CBRE’s Northern Virginia first-quarter office report.

Asana has $7B in “neighborhood assets under management” across 25 cities, according to its website. In D.C., Asana also owns Sam’s Park and Shop, a 50K SF strip shopping center on Connecticut Avenue in Cleveland Park, which it purchased from Federal Realty for $39M in 2021.

Halstatt Real Estate Partners, along with Development Ventures Group and Ustler Development (Partnership), has sold UnionWest at Creative Village, a mixed-use student housing tower in Orlando, Fla. Provident Resources Group purchased the asset, which was funded through the offering of tax-exempt and taxable bonds underwritten by BofA Securities.

The partnership built the 15-story building, which includes 644 student housing beds, more than 100,000 square feet of academic space, 11,000 square feet of street-level retail, and a 600-space parking garage. The tower opened in August 2019. The University of Central Florida and Valencia College are nearby.

The UnionWest at Creative Village sale marked the second successful exit involving bond financing for Development Ventures Group, known as the Deven Group.

Located at the corner of W. Livingston Street and N. Terry Avenue, the $105 million UnionWest is part of Creative Village, a $1.5 billion mixed-use master redevelopment project in Downtown Orlando.

The Brentmoor Apartments, located at 2080 Brentmoor Drive just outside the Beltline, sold for $45.6 million after the former owner, Silver Point Group, defaulted on the loan. St. Clair Holdings was the buyer. The Triangle Business Journal reports the company specializes in value-add real estate projects in the Southeast and Southwest.

Silver Point Group borrowed $45.6 million from an affiliate of Berkshire Residential in late 2021 to purchase the apartment complex for $52 million in early 2022.

The deed states that the borrower is in default as it “failed to pay the note as and when due” and that the default has continued. As of April 2024, Silver Point Group owed an outstanding balance of more than $48.7 million.

Brentmoor Apartments features one-, two- and three-bedroom units in 3-story buildings with rent starting at $999 a month. The units range from 735 to 1,240 square feet. Amenities include a swimming pool, grilling stations, fire pit, sauna, dog park, fitness center and more.

Wells Fargo will reportedly sell its San Francisco headquarters and move its central operations in the city to another building as it shifts its power base to New York City.

Wells Fargo’s headquarters at 420 Montgomery St. in San Francisco.

The banking giant could put the 409K SF office at 420 Montgomery St. on the market this month, sources told The Wall Street Journal, which reported Wells Fargo has already begun informal discussions with possible buyers. 

Wells Fargo hired the real estate investment bank Eastdil Secured as an adviser on the sale. A spokesperson told the WSJ the bank routinely evaluates its real estate portfolio “to ensure we are best meeting the needs of employees and customers, responding to consumer and economic trends, and managing our costs responsibly.”

The bank is set to move its headquarters to 333 Market St., where it recently renewed its lease.

The sale would further a steady shift away from San Francisco to the East Coast over the past several years.

Wells Fargo has grown its footprint in New York City since it hired CEO Charlie Scharf in 2019. Scharf is based in the city and has built out the bank there, announcing plans to expand its Hudson Yards footprint in late 2023.

The bank also has a substantial presence in Charlotte, which has featured its biggest employee base since it bought Wachovia in 2008.

Standard Real Estate Investments and Trammell Crow Company (TCC), have closed on the sale of the Woodridge Industrial Center in Woodridge, Illinois.

Standard made an equity investment through its $150 million investment vehicle last year, and construction was completed in July 2024. This is the first sale in the investment vehicle. Harris Architects was the architect of record, FCL was the general contractor, and SpaceCo served as the civil engineer on the Woodridge Industrial Center.

Located at 8110 Lemont Rd., the 217,000-square-foot facility is located on a 17-acre parcel in the Village of Woodridge. The new development includes 22 dock doors with 130-foot truck courts, a single-load, 291-foot deep building and 270 parking spaces.

“The record-setting rent growth and growing demand for modern Class A industrial space made the project appealing to investors seeking in-fill core assets,” said Josh Udelhofen, Senior Vice President with TCC Chicago.

Rockpoint and Oppidan Investment Co. have sold the 233,818-square-foot Building I at their $100 million Apex Commerce Center, a four-building industrial property in Apex, N.C. LaSalle Investment Management acquired the Class A asset.

Commercial Edge reports the duo broke ground on the 847,171-square-foot park in 2022. Building I came online one year later. Apex Commerce Center’s other three facilities are slated for occupancy between July and September 2025.

The rear-load Building I features 32-foot clear heights, 60-foot speed bays and 180-foot truck courts. Two drive-in doors are available, as well as 12 dock-high doors with the option of adding an extra 37. Located at 1251 Burma Drive, the facility is about 6 miles from North Carolina Route 540, which is currently undergoing an expansion meant to extend the thoroughfare, looping around the Greater Raleigh area. The Research Triangle Park and the Raleigh-Durham International Airport are roughly 21 miles north.

JLL Dave Andrews and Pete Pittroff led the team representing Rockpoint in the transaction.

Courtesy of Continental Realty Corp.

The Dartmoor Place at Oxford Square apartment building in Elkridge

The multifamily sales market has been heating up across the D.C.-Baltimore region, with the latest deal coming in between the two cities in Howard County. 

Continental Realty Corp. paid $86.5M for Dartmoor Place at Oxford Square, a 258-unit building developed in 2019, the Baltimore-based firm announced Friday. 

The five-story building at 7200 Alden Way in Elkridge sits just off MD-295, less than 7 miles from Baltimore-Washington International Airport. It is part of the 122-acre Oxford Square master-planned community.

The building was 94% leased at the time of the sale, according to CRC. The units are 85% market-rate and 15% moderately priced dwelling units. Its amenities include a clubhouse, fitness center, children’s play space, outdoor swimming pool, grilling area and a pet spa. 

Towson-based Preston Scheffenacker Properties developed the building and sold it to CRC. CBRE Executive Vice President Mike Muldowney represented Preston in the sale.

The buyer is assuming the in-place debt on the property, a 35-year Department of Housing and Urban Development loan that has a 2.79% fixed interest rate, CRC said. 

CRC acquired the property with its Core Multifamily Fund LP, which it closed in 2022 with $146M raised. The fund had also acquired three assets in Charlotte and Raleigh, North Carolina, and Hilton Head, South Carolina. 

“After primarily targeting the southeast for our initial acquisitions for the Core Multifamily Fund, we turned our attention to CRC’s backyard in Maryland, which also offers compelling investment advantages driven by its location close to the Nation’s Capital, enduring job growth, deep labor pool, and high quality of life,” CRC CEO J.M. Schapiro said in a statement. 

Multifamily investment sales have been picking back up this year in the region after interest rate hikes cooled the market in the previous two years. The combined D.C.-Baltimore region has $6.5B in 2024 multifamily sales as of this week, up from $4.2B all of last year, according to CBRE.

The Baltimore metro area’s portion of that activity has picked up from $500M last year to $936M this year, but the region’s biggest driver has been Northern Virginia, which has seen $3.6B in sales this year and has become a “shining star” in investors’ eyes. 

Sterling Bay has listed a trio of properties near the stalled Lincoln Yards $6 billion megaproject site. The firm is selling the properties to pay off debt amid the firm’s search for a new financial partner for the 53-acre mixed-use development.

Sterling Bay has hired CBRE to market the three parcels at 1907 North Mendell Street, 1901 North Elston Street, and 1500 West Cortland Avenue, reported Crain’s. Sterling Bay has faced mounting financial pressure as it deals with the imminent need to pay off debt amid the search for a new financial partner.

Last year, the firm sold an industrial property near the Lincoln Yards site, a joint venture of Farpoint Development and Langdon Partners. The ambitious Lincoln Yards project was aimed to breathe fresh life into a former industrial site in Chicago’s North Side, with improved infrastructure and transportation, new businesses and residences, along with parks and open spaces.