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The JCR Cos. expanded its Washington, D.C. retail portfolio with the acquisition of the 51,800-square-foot retail portion of the Lorton Station Town Center in Lorton, VA for $13.8 million. That purchase came on the heels of the company’s acquisition of the Cork & Fork location at 1522 14th St. in Uptown Washington, D.C. for $2.05 million.
Regency Centers sold the Lorton Station retail space, which was 100% leased to 19 tenants including Wells Fargo, Fireside Grill, Subway, Pan e Vino and FedEx. The retail portion is part of a larger mixed-use development that includes more than 170,000 square feet of office and commercial space and nearly 1,200 single-family homes, townhomes, condominiums, and apartments.
Prior to the Lorton Station acquisition, JCR purchased the 2,710-square-foot Cork & Fork location on 14th St. A former tenant, Homemade Pizza Company, vacated the location and its 910 square feet is currently available.
“This is our ninth acquisition on 14th Street, which has incredible velocity and is only in its infancy,” commented Reger. “Our Logan Circle portfolio now totals approximately 50,000 square feet of retail space and parking. We continue to seek retail properties both large and small in the District or within one hour’s drive, and hope to acquire more retail assets in the second half of 2014,” said Joe Reger, managing partner of The JCR Cos.
Please see CoStar COMPS #3056577 and COMPS #3059635 for more information on these transactions.