CBRE Snags MD Mixed-Use Asset
- Jan 04, 2018
The CBRE Strategic Partners U.S. Value 8 fund has acquired North Bethesda Market, a mixed-use property located in North Bethesda, Md., from majority owner Capri Capital Partners. The asset is a Class A property providing 182,926 square feet of retail, 411 apartments and 1,205 parking spaces.
The development is situated at 11351 Woodglen Drive, within walkable distance to White Flint Metro Station, offering easy access to downtown Washington, D.C. and the area’s largest employers.
The retail space houses a mix of retailers and restaurants, currently at 87.4 percent leased. Nearly 14,000 square feet of the retail component has the potential of being used as either creative office space or additional residential units, due to the flexible characteristics of the floorplan.
The multifamily segment, currently 96.8 percent leased, comprises a condo-quality 24-story high-rise with 187 units and a six-story building with 224 units. According to Yardi Matrix data, the property includes 226 one-, 125 two- and two three-bedroom units, as well as 58 studio apartments.
The community features two rooftop swimming pools, a resident club lounge, a fitness center, green rooftops with a lounge area, fire pits and covered parking.
“As one of the historically strongest performing real estate markets in the country, Washington, D.C., is a focus market for this fund. Montgomery County, in particular, has experienced significant and sustained population growth in recent years. Considering the mixed-use site, accessibility to transportation and desirable neighborhood, we believe North Bethesda Market will be very competitive,” said Robert Perry, principal & portfolio manager, CBRE Global Investors, in a prepared statement.
In August last year, CBRE purchased two adjacent Class A office buildings in Stamford, Conn. from a joint venture between SL Green and TH Real Estate, for $97 million.
Image courtesy of CBRE Global Investors Fund