Ben N Jerry’s, Urbano 116, Patagonia, and Jeni’s Ice Cream are just a few of the 21 mixed-use properties in Old Town that have been put on the market.
North Carolina-based Asana Partners bought the properties along the King Street Mile (between the waterfront and the King Street Metro station) worth more than $100 million between 2016 and 2018. Asana reportedly invested $20 million into their redevelopment, and now the portfolio is being marketed by D.C. firm Jones Lang LaSalle (JLL).
The more than 200,000-square-feet of properties include the former Old Town Theater at 815 King Street, which Asana converted into retail and rents to Patagonia. Asana also increased rent at multiple properties by double digits, moving Jeni’s Ice Cream into the former Misha’s Coffee at 922-924 King Street and upping rent 35%; brought in FatFace to 128 King Street and raising rent 40%.
The listing was announced on LinkedIn by JLL Senior Director Daniel Naughton, according to the Washington Business Journal.
A full list of the properties, from a JLL marketing brochure is below.
JLL said 12 properties have office space above first-floor retail; two properties have ground floor retail and apartments
“Asking rents along King Street are up 5.2% year-over-year for three-star and above quality properties,” JLL said. “Sustained lack of retail construction, with no new inventory currently in progress, positions rents to continue their upward trajectory.”
All but two of the properties are currently leased, a 4,500-square-foot retail space at 1104 King Street and the 6,500-square-foot office building at 900 Prince Street, according to JLL.
The story was first reported by Bisnow.
