Standard Real Estate Investments, LP, a minority-owned and controlled firm, has acquired the Senator Square and East River Park shopping centers in Washington, DC. Financing for the transaction was provided by the Black Economic Development Fund (managed by affiliates of the Local Initiatives Support Corporation) and Forbright Bank.

In aggregate, the centers are entitled and programmed for a $650 million mixed-use redevelopment offering 1,500 residential units, including approximately 300 affordable units, and 120,000 square feet of community-serving retail space. 

The 13-acre site located at the intersection of Minnesota Ave NE and Benning Road NE comprises the majority of the Northeast Heights master plan. Under Standard’s leadership Trammell Crow Company is currently developing a 257,000-square-foot built-to-suit office building to accommodate the new headquarters of the District of Columbia’s Department of General Services on the balance of the master plan.

“These projects speak not only to our business philosophy of creating value in underinvested communities by importing new economic activity, but our strong commitment to the DC region over the long term,” said Jerome Nichols, president of Standard.

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