JCR buys properties in Alexandria and D.C.
- March 17, 2014
As it expands its reach into the office market sector, The JCR Cos. has purchased two properties in the Washington metro area, totaling nearly 50,000 square feet.
In association with CAS Riegler Cos. and RS Snead Construction (The JACK GROUP), JCR purchased a 26,347-square-foot building at 950 N. Washington Street in Alexandria, for $4.5 million from the American Association of Physician Assistants. The building has been vacant since AAPA moved its national headquarters to Alexandria’s Carlyle neighborhood in 2011. The structure is near the heart of Old Town and the Braddock Road Metro station.
“We are immediately starting a significant renovation to convert this marquee building to a unique mixture of executive suite offices and co-working space,” Joe Reger, managing partner of The JCR Cos., said in a statement.
Cardinal Bank provided financing for the acquisition. NAI KLNB represented the buyer while Avison Young represented the seller. Lancaster Architects is overseeing the design for the building’s renovation.
JCR also acquired a large portion of the retail and commercial garage at The Metropole, a condominium residence, for $6.3 million. The 23,225-square-foot retail condominium it purchased is in Washington’s Logan Circle neighborhood. It’s fully occupied by fitness center and beauty salon.
The Metropole, built in 2008, is located on the corner of 15th and P Streets, close to both the Dupont Circle and U Street Metro stations.
Eagle bank financed the acquisition. CBRE represented the seller, American Realty Advisors.
JCR, founded in 2009 in Washington, D.C., buys urban retail, multifamily, office and mixed-use properties in the Washington area. It’s looking to expand its portfolio of 16 properties by adding more boutique office buildings in urban locations.