Several L’Enfant Plaza mixed-use properties totaling more than 887K SF were purchased by their lender at a foreclosure auction this week.
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New York-based Blackstone Mortgage Trust acquired the properties for $83.7M, the Washington Business Journal reported. The price was less than a quarter of their last appraisal value of $365.6M.
JBG Smith was the prior owner of the properties at 437, 470, 490 and 955 L'Enfant Plaza SW.
The sale took place at Alex Cooper Auctioneers Wednesday. There were no other bidders. The portfolio also includes a large retail component and food court, according to the WBJ. Several garages and the air rights were also included.
SALES
A partnership between development firms Blue Sky Housing and Evergreen Urban purchased an 18K SF building at the Parks at Walter Reed with plans to redevelop it into a hardware store and café. The firms purchased the property, which had been used as the nurses' quarters at the hospital campus, for just over $3M, according to D.C. deed records. A spokesperson for the developers told Bisnow the seller was the master developer of the 66-acre redevelopment — a partnership of Hines, Urban Atlantic and Triden Development Group.
MILESTONES
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The National Geographic Society is launching a renovation and expansion of its Dupont Circle museum, it announced this week. The National Geographic Museum of Exploration is set to open in mid-2026 and span more than 100K SF. In addition to curated exhibits, it will feature immersive and educational experiences, a 400-person theater, a restaurant and a retail store. It will also offer a nighttime courtyard experience. JLL, HITT Contracting and Hickok Cole are involved with the project.
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The D.C. government this week revealed it plans to purchase Capital One Arena from Monumental Sports & Entertainment for $87.5M and then lease the property back to the company. The plans were unveiled as part of a bill introduced by Mayor Muriel Bowser to the D.C. Council that laid out the terms of the $515M agreement to keep the Capitals and Wizards in D.C.
The initial lease would last through 2050 with four five-year renewal options that could take it through 2070. Plans for the $800M revamp of the arena were also revealed in the legislation, which are set to include 65% more concession space, 30% more restrooms and 60% more space for athletes. The project is expected to be ready for the 2027-2028 NBA and NHL seasons.
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Lock7 Development held a grand opening for its 66-unit affordable development in Upper Northwest this week. Beech Tree Place at 7428 Georgia Ave. NW is in the Shepherd Park neighborhood on the D.C.-Maryland border. The project was financed with D.C. Housing Finance Agency bond financing, low-income housing tax credits and a loan from D.C.’s Housing Production Trust Fund and the National Housing Trust Fund. It is the developer’s second affordable housing project in the city. It completed the 61-unit Mills Place Apartments near Rhode Island Avenue Northeast in 2020.
PERSONNEL
Laura Bellantoni is shifting from third-party brokerage to landlord representation. The former H&R Retail director is now a senior leasing representative at Edens, where she is focused on leasing Union Market, the Washington Business Journal reported. Bellantoni was at H&R for less than a year. She told the WBJ she had planned to stay longer but couldn’t say no to the opportunity to market street-level opportunities in the rapidly developing submarket. Prior to H&R, Bellantoni spent more than seven years at Dochter & Alexander Retail Advisors.
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