Asana Partners Acquires Sam’s Park & Shop Retail Center in DC for $39M
Asana Partners has acquired Sam’s Park & Shop, a 50,355-square-foot retail center in Washington, D.C., from Federal Realty Investment Trust for $39 million.
JLL represented the seller in the transaction and arranged a seven-year, fixed-rate, non-recourse loan with an insurance company on behalf of the buyer.
“The property’s location — Metro-accessible, visibility from Connecticut Avenue, and positioning within the affluent Cleveland Park submarket — combined with its history, tenancy, and never-before-marketed nature made it a highly compelling opportunity,” Danny Naughton, a director at JLL, told Commercial Observer. “Also, the property is on the ‘drive home’ side of Connecticut Avenue and has the unique ability to offer ample surface parking.”
Located at 3501-3529 Connecticut Avenue in D.C.’s Cleveland Park neighborhood, the retail center was originally constructed in 1931 and is designated to be historic, as it was one of the first retail centers designed around the automobile.
Federal Realty Investment Trust acquired the property in 1995.
At the time of the most recent sale, the property was fully leased, anchored by an urban-format Target store. Other notable tenants include School of Rock, Chase Bank and Foundation Fitness.
The property is near the Red Line Cleveland Park Metro Station and offers 50 surface parking spaces, a rarity in Northwestern D.C.
“Asana Partners owns and operates urban retail assets across the country and, therefore, Sam’s Park & Shop was a natural fit for them,” Naughton said. “They’ll continue to operate it as it stands today and continue on with what Federal [Realty Investment Trust] has achieved.”
Joining Naughton on the JLL team were Susan Carras, Bill Moylan and Jordan Lex. Carras, Evan Parker and Anthony Fertitta handled the debt placement for the new owner.