Two prime retail properties on M Street in Georgetown have been sold to German investor Deka Immobilien GmbH.
WASHINGTON — Deka Immobilien GmbH has acquired 3241 and 3245 M Street Northwest, in Georgetown, from Foxhall Partners, and will add the prime retail properties to its real estate mutual fund.
D.C.-based Foxhall Partners acquired the adjacent buildings in 2010 for a combined $4.6 million. JLL Capital Markets, which represented Foxhall Partners, did not disclose the sales price. The two properties have an assessed value of $5.1 million, according to D.C. tax records.
“With virtually no development or redevelopment opportunities available in Georgetown, and with very few assets trading, an investment of this size and credit strength attracted a great deal of interest from international capital and institutional quality investors,” said Marc Rampulla, JLL’s executive vice president for capital markets.
The two buildings, currently undergoing a multimillion-dollar architectural and structural renovation, are directly across M Street from The Shops at Georgetown Park, near the Wisconsin Avenue intersection.
When renovations are complete, Swedish clothing retailer H&M will occupy the space for a flagship store for its new fashion brand, called & Other Stores.