Description

Jones Lang LaSalle, as exclusive advisor, is pleased to present the opportunity to acquire Northeast Heights - a 68% leased, 192,959 square foot, Safeway-anchored shopping destination located at the intersection of Minnesota Avenue and Benning Road in Washington, DC.

Northeast Heights presents the opportunity to acquire a value-add asset featuring substantial mark-to-market upside, anchor box flexibility, outstanding entitled Phase II mixed-use development potential, and the ability to capitalize on significant near-term lease rollover within a densifying, transit-served submarket.

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Attributes

Building area net

17,926 sm

Occupancy

68%

Number of Buildings

Media

Investment highlights

Safeway has operated at the center for nearly 40 years, proving durable grocery demand as one of the few full-service grocers in the trade area.
Dense submarket of 32,112 residents within one mile and 152,919 within a 10-minute drive.
Strong development momentum is underway nearby, led by the RFK Campus and Parkside master plans which are both in close proximity to the center
Significant upside through 32% vacancy and below-market rents, with near-term control of the rent roll - including the anchor box - as 66% expires by year-end 2030.
Entitled redevelopment potential spans a 12-acre master-planned assemblage, supported by Tax Increment Financing to help unlock additional long-term value.