The Chevy Chase-based developer has retained Cassidy Turley to market the project to interested developers as it aims to recapitalize its large and growing real estate portfolio in the region.
The mixed-use project, which JBG is developing in partnership with The Bennet Group, Clark Builders Group and MV&A Architects, is one of several properties for which JBG has sought to attract buyers or additional investors.
The project at 77 H St. NW could be a particularly alluring offering to investors given Walmart’s status as its anchor tenant. The retailer has signed a lease for 20 years and is slated to open its new, 84,000-square-foot store in November. The project will also include 277 residential units.
Selling 77 H St. could also present another benefit to JBG if it sells before the first residential units are leased. As I wrote about in last Friday’s print edition, selling an empty building would allow JBG to avoid the District’s Tenant Opportunity to Purchase Act, a requirement that multifamily building owners give their tenants the right to make an offer on their homes before they sell to a third party.
“We regularly assess our portfolio, gauge market conditions and make transactions accordingly,” the email, forwarded through JBG public relations firm Maier & Warner, read in part. “These properties represent a small percentage of our development pipeline, and may not ultimately be sold. But there should be no concern that JBG is not committed long-term to the communities in which we invest. The Washington region has always been and always will be our principal focus.”