3400 block of N St.
So the Washington Post revealed yesterday that the purchaser of the Georgetown Park mall is none other than Jamestown Properties. This is very interesting.
Why? Well while the Post identifies Jamestown as “an Atlanta firm” the company already has a footprint (and an office) in Georgetown. In fact their office is just up the block. And what’s particularly interesting about Jamestown is that they often cooperate with Anthony Lanier’s Eastbanc. For instance, they teamed up to build and sell 1055 High, the new condo along the canal (catty corner to the mall). Additionally, Jamestown actually owns a good chunk of Cady’s Alley. The have a similar vision as to what the retail and residential mix of Georgetown ought to be. Continue reading
As reported by the Washington Business Journal, the Georgetown Park Mall has been sold. WBJ pegs the sale price at $272.5 million, which is a significant surplus over the $61 million that Angelo Gordon and Vornado paid for it four years ago.
This comes as no surprise. The property was publicly put up for sale last spring. And even before that announcement, this strategy was fairly obvious. As GM wrote all the way back in 2011:
GM predicts that all they want to do is gut the property, put in three or four large tenants (whoever they can sign, GM doubts they care much) and turn around and sell it. It would come as no surprise that they’re not interested in the long haul seeing as they’re simply acting as an agent for the mall’s actual owner: Angelo, Gordon & Co. This firm specializes in distressed properties, an investment strategy that normally involves buying a property cheap, tarting it up and turning around and selling it for quick buck.
That prediction has come true pretty much to a “t”. Continue reading