CBRE Global Investors started 2018 off with a bang after acquiring the North Bethesda Market in suburban Washington, D.C. from Capri Investment Group of Chicago. Terms of the deal were not disclosed.
North Bethesda Market is a Class A retail and multifamily development comprised of 182,926 square feet of retail space, 411 apartments and a 1,205-space parking garage. The retail component is 87.4 percent leased to a mix of retailers and restaurants, while the multifamily component, which consists of a 24-story apartment tower with 187 units and a six-story mid-rise with 224 units, is 96.8 percent leased. Amenities at the apartment complex include two pools, a clubhouse, fitness center, rooftop decks, fire pits and covered parking.
JBG Smith, formerly known as The JBG Cos., developed the Class A complex along Rockville Pike directly across from White Flint Mall and within walking distance of the White Flint metro station at 22351 Woodglen Dr. in North Bethesda, MD. In early 2011, JBG sold its 80% stake in the North Bethesda Market to Capri for $221 million, according to CoStar information.
One of the world’s largest real asset investment management firms with $98.3 billion in assets under management, CBRE Global Investors highlighted the high foot traffic, strong community demographics and the diverse nature of the local economy as reasons behind the investment. CBRE also emphasized the community’s potential for repositioning the multifamily and retail components with new property updates.
“As one of the historically strongest performing real estate markets in the country, Washington, D.C., is a focus market for this fund,” said Robert Perry, Principal and Portfolio Manager, CBRE Global Investors. “Montgomery County, in particular, has experienced significant and sustained population growth in recent years. Strong demographics and an evolving knowledge economy with abundant private-sector professional and high-tech jobs contribute to growing job prospects for the metro’s residents. Considering the mixed-use site, accessibility to transportation and desirable neighborhood, we believe North Bethesda Market will be very competitive.”