Two well-located properties in the Washington, DC market, totaling nearly 50,000 square feet, have been acquired by The JCR Companies, adding to the firm’s growing portfolio of urban infill buildings and expanding its reach into the office sector.
In association with The JACK GROUP, JCR purchased the 26,347 SF building at 950 N. Washington Street in Alexandria, VA for $4.5 million from the American Association of Physician Assistants. The building has been vacant since AAPA moved its national headquarters to Alexandria’s Carlyle neighborhood in 2011. It is located near the heart of Old Town and the Braddock Road Metro station.
“We are immediately starting a significant renovation to convert this marquee building to a unique mixture of executive suite offices and co-working space,” said Joe Reger, Managing Partner of The JCR Companies. “We are very pleased to add a fourth asset to our Old Town Alexandria submarket portfolio and also excited about the growth of our office platform.”
“With the success of this acquisition, we are currently focusing on acquiring additional unique, infill office buildings in the Washington, DC area,” Reger continued, noting that his company is close to closing on a similar office building in Maryland and hopes to acquire several more this year. “We prefer buildings ranging from 20,000 to 50,000 SF with significant vacancy.”
Cardinal Bank provided financing for the acquisition. KLNB represented the buyer while Avison Young represented the seller. Lancaster Architects is overseeing the design for the building’s renovation.
Just days after closing the Alexandria acquisition, The JCR Companies acquired a large portion of the retail and parking space at The Metropole, a luxury condominium residence in Washington’s sought-after Logan Circle neighborhood. The property acquired by JCR comprises a 23,225 SF retail condominium, which is fully occupied by Vida Fitness and Bang Salon, and the commercial portion (two levels) of the building’s underground parking garage. JCR, which owns six other properties in the Logan Circle neighborhood, plans a long-term hold.
The Metropole was built in 2008 and is located on the corner of 15th and P Streets, close to both the Dupont Circle and U Street Metro stations, at 1515 15th Street, NW.
JCR’s $6.3 million acquisition was financed by Eagle Bank. The seller, American Realty Advisors, was represented by CBRE.
Founded in 2009, JCR continues to be one of the most prolific buyers of urban retail, multifamily, office and mixed use properties in the Washington, DC metropolitan area. Its growing portfolio of 16 properties includes prominent retail space in the 14th Street corridor and apartment buildings in northwest Washington. JCR is currently seeking to expand its portfolio of boutique office buildings in urban locations.