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After breaking into the Alexandria market with a rapid series of Old Town retail acquisitions beginning in December, Charlotte-based Asana Partners is not slowing down.
The company, founded by the former CEO of Edens, acquired six properties totaling 35K SF for $21.9M in a deal that closed Thursday, the Washington Business Journal reports.
Asana acquired the retail buildings at 116, 118, 124, 128 and 132 King St. and 103 South Union St. from Monarch Row LLC. The deal brings Asana's total Alexandria investment to $106.9M.
Founded in 2015, Asana began investing in Charlotte and Dallas after raising $500M in equity. In December, it spent over $40M acquiring at least eight Old Town properties from Rob Kaufman's PMA Properties. Then in May, it acquired an 8,500 SF vacant King Street property for $8.5M.
The investor plans to renovate the properties and bring in new food and beverage concepts from around the country, plus high-end soft goods retailers to complement the King Street's shopping environment, Asana Partners' Robin Hilliard told attendees at Bisnow's Alexandria State of the Market on Wednesday. Nearby landlords, brokers and economic development officials expect the surge in investment to boost the retail market on King Street after it rose from 5% to 10% vacancy in the last two years.
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