Jones Lang LaSalle Incorporated : One of America’s first surface-parked shopping center sells for $39M

WASHINGTON, D.C., January 4, 2021 -JLL Capital Markets announced today that it has closed the $39 million sale of and arranged the acquisition financing for Sam's Park & Shop, a fully leased, 50,355-square-foot retail center anchored by an urban-format Target store in the Cleveland Park area of Washington, D.C.

JLL marketed the property on behalf of the seller, Federal Realty Investment Trust. Asana Partners purchased the asset. Additionally, JLL worked on behalf of the new owner to place the seven-year, fixed-rate, non-recourse loan with an insurance company.

Constructed in 1931, Sam's Park & Shop is a designated Historic Landmark, as it was one of the first retail centers designed around the automobile. The retail property - the leading retail destination for the Cleveland Park neighborhood - last sold in 1995 and currently is anchored by a new, urban-format Target store. The center is also home to a diverse mix of first-class credit tenants alongside local favorite food and service-based retailers. Additionally, the property boasts 50 surface parking spaces, a rarity in Northwestern D.C.

Situated on 1.19 acres at 3501-3529 Connecticut Ave., Sam's Park & Shop is on the 'going home' side of a heavily trafficked commuter corridor that sees approximately 26,789 vehicles per day. The Red Line Cleveland Park Metro Station is nearby and brings an additional 3,818 daily riders by the property. The center is in Cleveland Park, a historic, high-density, affluent northwest D.C. neighborhood. About 31,950 residents earning an average annual household income of $181,763 live within a one-mile radius of the property.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Susan Carras, Bill Moylan, Jordan Lex and Danny Naughton.

The JLL Capital Markets Debt Placement team representing the new owner included Carras, Evan Parker and Anthony Fertitta.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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