The site of the iconic Mr. Smith’s of Georgetown (3104 M St) for the last 70 years is getting new life, thanks to Acadia Realty Trust. (The restaurant has since moved to K Street on the Georgetown Waterfront.) Acadia COO Chris Conlon says the building has been gutted and expanded and will have 6k SF on three levels of retail with an apartment at the top before the end of the year. Chris says the structure was in bad shape (as seen above in this before shot), but when the fencing comes down, it will reveal a “very cool building.”
The White Plains, NY, NYSE company specializes in managing and developing open air retail, dense suburban shopping centers and urban retail. Four years ago the firm decided to focus more on acquiring retail properties in urban, high-barrier markets like NYC, Chicago, San Francisco and DC. Its portfolio now includes Lululemon, Marc Jacobs, YSL, Barbour and H&M. Acadia has several properties along M Street in Georgetown and a few on Connecticut Avenue, where it’s hoping to increase its presence, says Chris (above).
The after shot of the new and improved M Street project. Acadia has also found several value-add real estate opportunities in the DC area, including a Food Lion-anchored shopping center in Lake Montclair, VA. Food Lion's lease was set to expire in two years, so Acadia bought the shopping center and extended the lease for another eight years with a tenant improvement allowance included. We’re thrilled Acadia Realty Trust is one of our Founding Partners at the Bisnow Beltway Bash on May 18 at 5:30pm at the Wynn’s Tryst Nightclub during ICSC RECon. Want to be there? Register here!
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