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December 18, 2008
 
       
 
 
NEWS FROM
MT. VERNON

This Saturday, DC will be the center of college football! The start of bowl season happens at RFK, at the first-ever EagleBank Bowl. Navy v. Wake Forest. Be there! Please see ad at right for details.


 

Yes, sometimes we write headlines just to lure unsuspecting American history buffs who've Googled their favorite terms. But here we're talking about the Mount Vernon area of DC, where Edens & Avant just purchased the 116K SF retail space from Lowe Enterprises in the complex known as City Vista at 5th and K. We visited the E&A team in Bethesda to see how they'll fill out the space and where else they're shopping.

 

Mid-Atlantic VP Steve Boyle, here bisecting Brady Pate and Jessica Bruner, tells us they're not done spending. They've got $1 billion on hand and are hungry for more urban deals. That new focus is a switch for the Columbia, SC-based company known more for expanding via the suburbs, such as Mosaic at Merrifield, a 2M SF mixed-use center with 1000 residential units and 600k SF of retail. They're privately held, backed by some noteworthy investors, like JP Morgan, the State of Michigan, and the New York State Teachers Retirement System. (Given that one is a bank and another an auto state, as a bailout-funding taxpayer we're pretty sure this means we also own City Vista.)

 
Element
 

The 58K SF "urban lifestyle" Safeway at 5th and K, opened in September, fits E&A's grocery-anchored philosophy. (Ninety percent of their props have supermarkets.) There's still 8500K SF for lease on the K St. side, and Jessica is eyeing local restaurants that want to be part of "one of the new great emerging neighborhoods in the District." They wouldn't mind someone in the mold of current tenant Busboys and Poets: locally-owned, community focused, and politically engaged. Other tenants include 5th Street Hardware, Results Gym, and Chevy Chase Bank.

 
CUA
 

Always diligent, Steve whipped out the atlas to identify the supermarket locale to your Bisnow reporter. He then assured us DC has the perfect demographics—education, diversity, density—for the numerous urban retail acquisitions they're seeking. Their aggressive spending mimics the winter habits of Steve and Jess's favorite baseball team, the Mets. Both are Long Island natives and expect big things from the Amazins this year.


REGNELL ON IRR
 

This morning we asked Tom Regnell, head of acquisitions for Washington REIT, what he sees as the key characteristics of the investment sales market going into '09: "The loan proceeds you can get are down 30%, so to get the same internal rate of return, prices have to change 15%. And that's without taking into consideration more stringent underwriting criteria, like lower rents, increased vacancy, slower rental growth rate, and a higher rate of return. I just don't think lenders are going to get more aggressive. They're barely lending as it is. If there's good news, it's that DC will be among the top two or three investment markets in the country. 30% of our market is federal government related. A lot of financial activities will be shifting here. People related to these programs will benefit, although we don't know for sure what form the programs will take."


FACES OF THE FUTURE
 

We snapped this yesterday at the Palm downtown. Someday their faces may be on the wall, but for now this is a younger set of hotshot brokers, trading views on the market, golf, and steaks: Cresa Partners' Jonathan Glass and Jonathan Harms, CBRE's Mark Klug, Cassidy & Pinkard Colliers' Eli Barnes, Studley's Adam Schindler, Transwestern's Ryan Bradley, and Cassidy's Jonathan Wellborn. We took this before the food arrived and they still looked clean and civilized.


CHARITY WORKS
 
This morning a group from Jones Lang LaSalle's Real Estate Investment Banking Group volunteered at So Others Might Eat at 71 O Street, NW, serving 410 people in an hour and a half. (Last year the charity served 250,000 meals to hungry District men, women, and children.) From left: Pat Casey, Wes Boatwright, Brandon Flickinger, Cornita Cole and Pete Rowan.

Annual Art Auction
 
Akridge's Mary Margaret Plumridge is on the auction committee for the Washington Project for the Arts and wants you to know about that annual event on March 7, which she says draws in all kinds of professionals who love art and of course raises money for a good cause. More info.
 
 
Cassidy & Pinkard Colliers
 
Eagle Bank
 
Delucchi
 
Trinity
 
Total Engineering
 
 
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