Since January, 2003
            
 Page Through from Before to After

Word is hitting the streets this morning that Akridge has now sold its remaining holdings on the west side of Half Street just north of Nats Park, ending an ownership that began in 2008 but that saw the Fairgrounds as its only development.
Back in February, Akridge sold the southern two-thirds of the block-long lot to JBG, and at the time it was said that the company was also "under contract to recapitalize the northern third of Half Street." It turns out that that "recapitalization" was a sale to an affiliate of Brandywine Realty Trust for $20 million, according to WBJ.
Akridge's arrival on this lot began back in 2007 when the company won a WMATA bidding process for what was then the Southeastern Bus Garage site. But Monument Realty, expecting to have the rights to develop the site, was quite unhappy, and sued, which resulted in the settlement that awarded the bus garage site to Akridge for $46.5 million and the adjacent Metro parking lot across Van to Monument for $22.6 million. Monument then sold its holdings on the south end of the bus garage block to Akridge for $9.66 million.
The company got zoning approvals in early 2009 for its Half Street plans, as a 700,000-square-foot mix of two office buildings, one residential building, and 56,000 square feet of retail. But, of course, none of that ever happened, and in the meantime Akridge provided the space for first The Bullpen, then Das Bullpen, then the block-long Fairgrounds site.
Now we wait to see what the plans for the north end will be, now that JBG has said it will be building two residential offerings on its portion near the ballpark.
(And I know the web site response is atrocious this morning. Guess I'm going to have to stop just wishing it will get better, though the support people tell me that a lot of this is supposedly now the fault of another site on the same server, which has two more days to clean up its act or else it'll be shut down. We Shall See.)
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ZoolanderANDtheBoYz says: (4/13/15 11:10 AM)
"Monument first acquired the lots in Square 700 between Half and Van streets in 2005, three years before Nationals Park opened to fans, for a combined $6.96 million. In August 2008, Monument sold those lots to Akridge for $9.66 million. And now, seven years after acquiring them, Akridge has dispatched those parcels to JBG and Brandywine, in separate deals, for a total of $65 million.
It amounts to an 834 percent increase in value over the course of a decade, reflecting the meteoric growth of the Capitol Riverfront community, between South Capitol Street and the Navy Yard. The blocks immediately surrounding Nats Park are simply exploding with development, and much more is to come in short order."

I know you corrected the permit guy from Washington Business Journal on twitter. But, he still has not corrected it.


ZoolanderANDtheBoYz says: (4/13/15 11:11 AM)
21 million in profit is a healthy and lucrative return for Akridge.


JD says: (4/13/15 11:30 AM)
WBJ's story is corrected now.


ZoolanderANDtheBoYz says: (4/13/15 12:25 PM)
*Correction - Akridge profit is roughly around 9 million not 21 million. Still that is a good return.


Andrew in DC says: (4/13/15 7:36 PM)
@ZoolanderANDtheBoYz 9 million on $56 million invested in 2009 is not a good return. It's not even 20%.

By comparison, you could have put all $56 million in the S&P 500 on the day they closed the deal on Sept 3rd, 2008 and made 63.13% - a return of a cool 32M ... and that was before the market crashed from Oct-March.

Akridge is just happy to get away from this deal with its head intact. This is a huge loss for them. Their investors should be pissed.


ZoolanderANDtheBoYz says: (4/13/15 9:12 PM)
@Andrew, I didn't know Akridge is publicly traded company.


Andrew in DC says: (4/13/15 9:46 PM)
@Zoo they aren't - but that doesn't mean they don't have investors:

link


Scott says: (4/14/15 4:33 PM)
How much do you normalize finance with debt in a commercial deal? I doubt any of these properties are purchased with all cash, so the return of $9 million is not on $56 million, but on whatever you had invested. That's the power of leverage.

So if it was financed 20% with cash in 2008 - or $11.2 million - and you returned $9 million in 2015, that's higher than what you would have made investing the same $9 million in the S&P 500 at the same point in time.

Of course, we probably have no idea what their actual numbers are, either how much they financed in cash, nor their expenses over time that would lead to a real ROI.


Scott says: (4/14/15 4:34 PM)
*normally*


202_cyclist says: (4/15/15 11:10 AM)
Was part of Akridge's motivation in selling the Half St property to get more funding to finance its massive and ambitious Burnham Pl development ( link


ZoolanderANDtheBoYz says: (4/15/15 11:15 AM)
Damn @202, I was about to ask the same question with the same link. 8.5 billion for the next 20 years is a big bet.


JD says: (4/15/15 12:23 PM)
Not really on this subject, but I saw a Michael Stevens quote somewhere recently that talked about the neighborhood now being at the halfway point of its build-out. It kind of startled me that that's about right. And once you get all this Half Street/South Capitol/1st Street stuff underway, it's really just the later phases of The Yards, Florida Rock, and a smattering of potential projects north of M/west of 3rd left to go.

(I know that doesn't make it sound like there's that little left to go, but in comparison to what's been done....)


202_cyclist says: (4/15/15 2:22 PM)
"Not really on this subject, but I saw a Michael Stevens quote somewhere recently that talked about the neighborhood now being at the halfway point of its build-out. It kind of startled me that that's about right. And once you get all this Half Street/South Capitol/1st Street stuff underway, it's really just the later phases of The Yards, Florida Rock, and a smattering of potential projects north of M/west of 3rd left to go."

Maybe CSX will sell some of the huge amount of land it owns next to 70 and 100 I Street after the VA Ave tunnel construction. Residential would be difficult here b/c it is right next the highway but I don't see any reason additional office buildings can't be constructed there. There is also the lot immediately north of McDonalds, as well as the McDonald's property. Additionally, as mentioned in my comment for the marine barrack's post, almost all of the lower 8th Street corridor is still undeveloped-- I don't know if that is considred Navy Yard/Capitol Riverfront, however.


JD says: (4/15/15 7:13 PM)
Lower 8th is within the BID boundaries, although at one of the 2010 barracks meetings Michael Stevens said that if the Marines take any of the private land over there, he will advise the BID board to shrink the boundaries to not include any new Marine facility. Probably spoken in the heat of the moment, but still an indicator of the feeling that any new installation along 8th would perhaps not be considered a net positive from a business standpoint.

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Recent Crime Incidents Archive  
1200 B/O HALF ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 01/14/20
1100 B/O 1ST ST SE   BURGLARY
Burglary One
 01/12/20
100 B/O L ST SE   ROBBERY  01/08/20
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 01/08/20
1100 B/O 2ND PLACE SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 01/06/20
40 N ST SE   ROBBERY  01/05/20
1100 B/O 9TH ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 01/03/20
139 N ST SE   THEFT FROM AUTO
Theft First Degree (theft From Motor Vehicle)
 01/02/20
100 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 01/02/20
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/31/19
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/30/19
UNIT B/O M ST SE   BURGLARY
Burglary Two
 12/30/19
400 B/O M ST SE   THEFT
Theft 2nd Degree (all Other Larceny)
 12/29/19
UNIT B/O I ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 12/28/19
500 B/O L ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 12/28/19
700 B/O I ST SE   MOTOR VEHICLE THEFT
Theft First Degree (Stolen Auto)
 12/28/19
UNIT B/O I ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 12/27/19
300 B/O VIRGINIA AVE SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 12/27/19
1220 HALF ST SE   BURGLARY
Burglary Two
 12/27/19
300 B/O WATER ST SE   THEFT FROM AUTO
Theft 2nd Degree (theft From Motor Vehicle)
 12/26/19
900 B/O NEW JERSEY AVE SE   BURGLARY
Burglary Two
 12/25/19
2 I ST SE   THEFT
Theft 2nd Degree (all Other Larceny) - Highway/ Road/ Alley/ Street/ Sidewalk
 12/24/19
2 I ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle) - Highway/ Road/ Alley/ Street/ Sidewalk
 12/23/19
UNIT B/O POTOMAC AVE SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle) - Highway/ Road/ Alley/ Street/ Sidewalk
 12/22/19
400 B/O M ST SE   THEFT
Shoplifting
 12/21/19
1100 B/O NEW JERSEY AVE SE   BURGLARY
Burglary Two
 12/21/19
250 B/O K ST SE   THEFT FROM AUTO
Theft (theft From Motor Vehicle)
 12/18/19

Recent Issued Building Permits Archive  
909 4TH ST SE   
12/30/19 
MEREDITH FASCETT / KYLE YOST
SOL2000550 / CONSTRUCTION
rooftop solar pv system, less than 4' above roof
1300 4TH ST SE 912   
01/07/20 
DEBORAH J ISRAEL / DORIS A MINOR; DORIS A MINOR
B2003615 / CONSTRUCTION
REPLACE KITCHEN CABINETS
900 5TH ST SE   
01/10/20 
DISTRICT OF COLUMBIA HOUSING AUTHORITY / WILLIAM ANDERSON; WILLIAM ANDERSON
P2002846 / SUPPLEMENTAL
415 I ST SE   
01/10/20 
MEGHAN E RILEY / DAEHO PARK; DAEHO PARK
P2002836 / SUPPLEMENTAL
300 M ST SE   
01/03/20 
FEDERAL CENTER LP / null
E2003217 / SUPPLEMENTAL
861 NEW JERSEY AVE SE   
12/31/19 
CONSOLIDATED RAIL CORPQ / null
E2003162 / SUPPLEMENTAL
   
12/31/19 
DISTRICT OF COLUMBIA / JANE MCCRAY
AH2000399 / CONSTRUCTION
Pepco will be splicing cable at 861 New Jersey Avenue, SE, from 9PM to 7AM, Monday thru Friday.
   
01/03/20 
CSX TRANSPORTATION INC / SUSANA VAZQUEZ; JOHN MORIARTY & ASSOCIATES OF VIRGINIA LLC
TC2000014 / CONSTRUCTION
Tower Crane
1100 NEW JERSEY AVE SE 1ST FL   
01/06/20 
SQUARE 742 LLC / JAMES W. LASHER; JAMES W. LASHER
E2003296 / SUPPLEMENTAL
1100 NEW JERSEY AVE SE   
12/30/19 
SQUARE 742 LLC / RYAN FITZGERALD; NEXIUS SOLUTIONS, INC.
AN2000023 / CONSTRUCTION
AT&T proposes to replace (3) existing antennas with (3) new antennas and install (3) new antennas.
   
01/02/20 
SQUARE 742 LLC C/O WCSMITH / PATRICIA J STAUB; CDH CONSTRUCTION INC
B2001972 / CONSTRUCTION
Provide Landlord Work (warm white shell) for Tenant buildout of 1827 SF.
   
01/07/20 
SQUARE 742 LLC / ;
P2002715 / SUPPLEMENTAL
   
01/08/20 
SQUARE 742 LLC / null
P2002765 / SUPPLEMENTAL
1275 NEW JERSEY AVE SE   
01/03/20 
MILLER AND LONG / WILLIAM MOORE; MILLER LONG
TC2000016 / CONSTRUCTION
towercrane for jobsite use 1 / 25 / 2020 to 1 / 25 / 2021
355 WATER ST SE   
12/30/19 
UNITED STATES OF AMERICA / KELSI EVANS
TN2000035 / CONSTRUCTION
1 40' x 80 tent
AH = After Hours; B = Alteration & Repair; D = Demolition; E = Electrical; FB = Boiler; M = Mechanical; P = Plumbing and Gas; PC = Post Card; R = Raze; SG = Sign; TL = Tenant Layout; TN = Tent; RW = Retaining Wall;

Real Property Sales Archive  
No commercial transaction records added or modified in the past two weeks.


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