The Georgetown building where H&M is opening its first DC-area upscale women's concept just traded hands from a DC-based developer to a German investment firm.
Foxhall Partners sold the two adjacent properties at 3241 and 3245 M St, above, to Deka Immobilien GmbH for an undisclosed price, Bisnow has learned.
The buildings are currently being built out for H&M to open its new concept, & Other Stories, which has two US locations, both in Manhattan. H&M hopes to open the store, rendered below, by the end of this year.
Foxhall bought the properties in September 2010 and managing partner Matt Wexler says the company is happy with what it sold for.
"We were thrilled to have such a great retailer lease the properties and collaborate with us in their complete modernization and redevelopment," Matt says. "For us, this was just a tremendous opportunity and a wonderful round trip for Foxhall and its investors."
The deal was brokered by JLL's Marc Rampulla and Bill Moylan.
“With virtually no development or redevelopment opportunities available in Georgetown, and with very few assets trading, an investment of this size and credit strength attracted a great deal of interest from international capital and institutional quality investors,” Marc said in a release.
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