May 2, 2011 - Capri Capital Partners
CHICAGO, IL – Capri Capital Partners, LLC, on behalf of Capri Urban Investors, LLC, announced today it has entered into a joint venture partnership with JBG Urban LLC, an entity jointly-owned by The JBG Companies and MacFarlane Partners, to acquire a majority interest in North Bethesda Market for $200 million in North Bethesda, Maryland.
North Bethesda Market is a newly constructed, transit-oriented, premier mixed-use project. The residential portion of the development consists of 397 multi-family units, plus 199,000 square feet of retail space anchored by a Whole Foods Market, Seasons 52, Arhaus and LA Fitness. More than 1,200 parking spaces serve visitors and shoppers to the popular complex, which is built, around an artistic and landscaped plaza.
“We’re pleased to enter into a partnership with JBG Urban and The JBG Companies,” said Kenneth T. Lombard, president of Capri Urban Investors, LLC and Partner at Capri Capital Partners, LLC. “North Bethesda Market is a uniquely designed, luxury mixed-use development that incorporates the principles of New Urbanism and Smart Growth. This project is an excellent example of Capri’s Urban Fund strategy that is designed to transform North Bethesda’s urban landscape.
“The JBG Companies has an established track record and a strong reputation as one of the premier real estate investment and development firms in the Washington Metropolitan area, and we look forward to developing this strategic alliance,” Lombard added.
Brian Coulter, Managing Director at The JBG Companies, said that JBG was pleased to welcome a new partner as it completed this high-profile property. “We are very pleased with the way North Bethesda Market has progressed. Its distinctive architecture and abundant amenities have already attracted many new residents, diners and shoppers. This early success also made it attractive to new investors. We look forward to working with Capri Capital Partners as we continue to focus on making North Bethesda Market an outstanding destination.”
Coulter said that residential leasing – which started in February – continues to be brisk. Whole Foods Market and Seasons52 opened last week joining LA Fitness and Arhaus which opened earlier this year. All retailers are experiencing high traffic and strong sales. Interest on the remaining retail space continues to be strong.
About Capri Urban Investors, LLC and Capri Capital Partners, LLC
Capri Capital Partners, LLC is the investment manager of Capri Urban Investors, LLC, a real estate private equity fund. Capri Capital Partners, LLC is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. Diversified assets managed on behalf of its pension fund and other institutional clients totaled $3.336 billion in fair market value as of December 31, 2010. For more information, please call 312-573-5275 or visit the company’s website www.capricapital.com.
Capri Capital Partners, LLC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any statements contained herein to reflect any change in events, conditions, or circumstances on which any such statement is based. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is an active developer, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under management and development. JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area. Founded in 1960, in 2010 The JBG Companies marked half a century of business success and charitable involvement in the greater Washington community. More information can be found by visiting the company’s Web site: www.JBG.com, or by calling 240.333.3600.
About MacFarlane Partners
MacFarlane Partners is one of the leading real estate investment management firms in the United States, with $15 billion in assets under management. Founded in 1987, the firm is considered a pioneer of the urban investment concept among institutional real estate managers, and offers an array of investment programs for its institutional capital partners that are derived from its core competencies in property development, smart growth/urban revitalization, and single-family home building. It is headquartered in San Francisco, with regional offices in Washington, D.C.; Los Angeles; and the greater New York metropolitan area. For more information, visit www.macfarlanepartners.com.