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Lincoln Acquires Retail Center Above Tenleytown Metro Stop
Lincoln Property Company said Wednesday it had acquired Cityline at Tenley, an 87,460-square-foot retail center in Washington, DC’s affluent Upper Northwest DC submarket. Terms of the acquisition were not disclosed. The 100% leased facility is anchored by Target and sits atop the Tenleytown Metrorail Station.
Located at 4101 Albemarle St., the retail center is part of a mixed-use redevelopment of a circa-1941 Sears department store. It also includes 204 residential condominiums across four floors.
“While real estate transactions have remained tempered due to the pressures of high interest rates, the fundamentals of necessity-based retail continue to strengthen,” said Jim Dillavou, Lincoln’s national head of retail investments and retail capital markets. “Retail is a hyper-local business, and this was a unique opportunity to acquire an asset with a strong tenant base in a fantastic retail trade area.”
Lincoln said the acquisition of the standalone retail site represents a significant milestone for its necessity retail investment strategy as well as its continued growth in the DC market. The facility’s other tenants are Ace Hardware, Bank of America, The Container Store and The Framing Studio.
- ◦Sale/Acquisition
