The news yesterday that Jamestown will buy The Shops at Georgetown Park raises the question: after being eclipsed by other neighborhoods with development, is Georgetown poised for a resurgence?
We snapped Jamestown CEO Matt Bronfman at our Bisnow Washington Real Estate Summit in May, where he expressed the firm's strong interest in DC. Jamestown will buy Georgetown Park from Vornado and Angelo, Gordon for $273M later this summer. After acquiring the 30-year-old property in 2010 out of foreclosure, Vornado undertook a massive renovation. The firm locked up new, national credit tenants like DSW, TJ Maxx/Homegoods, and H&M, while giving facelifts to the DC DMV and J.Crew spaces, the latter of which sources tell us may be the largest of the retailer's US locations. Once Jamestown officially takes over this summer, the firm will likely allow the newer leases to run their course before deciding to re-tenant or perform large-scale renovations, according to retail experts we spoke with. The Washington Post was the first to report Jamestown as the property's buyer.
At our event in May, noting that Americans are becoming increasingly urbanized, Matt said that Jamestown hopes to capitalize on that trend. Georgetown Park will be added to a robust portfolio of big retail assets like NYC's Chelsea Market, San Francisco's Ghirardelli Square, and Atlanta's Ponce City Market.
Jamestown is no stranger to Georgetown—with local partner EastBanc, it's the owner of 17 properties in the neighborhood including Cady's Alley, snapped here. Miller Walker Retail Real Estate's Bill Miller, who's brokered many deals in Georgetown and also lives in the neighborhood, says the firm will build on that to raise Georgetown Park's game: "This is great for Georgetown. It is a landmark asset and I am sure Jamestown plans to take it to the next level."