DALLAS--(BUSINESS WIRE)--Lincoln Property Company ("Lincoln"), a global, full-service real estate firm, announced that it has acquired Cityline at Tenley, an 87,460-sq.-ft. retail center in Washington, D.C.’s affluent Upper Northwest D.C. submarket. The facility, which is 100% leased, is anchored by Target, and sits atop the Tenleytown Metrorail Station.
“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.”
The acquisition of the standalone retail site represents a significant milestone for Lincoln’s necessity retail investment strategy as well as the firm’s continued growth in the Washington, D.C. market. The facility’s other tenants are Ace Hardware, Bank of America, The Container Store and The Framing Studio. The center has direct access to downtown D.C. and D.C.’s Maryland suburbs via the metro and the Wisconsin Avenue thoroughfare.
Necessity retail businesses, like Target and Ace Hardware, provide goods and services that are necessary to daily life, such as food, healthcare, and household essentials. Lincoln, which owns, leases, and manages nearly 20 million sq. ft. of retail assets across the U.S., is bullish on necessity retail because of its characteristics of income durability, high barriers to entry, under-supply, and the pivotal and growing role it plays within the last-mile fulfillment and distribution ecosystem.
About Lincoln Property Company
Lincoln Property Company (“Lincoln”) is one of the largest diversified real estate services companies with 35 offices across the United States, the United Kingdom and Europe. Offering a comprehensive suite of real estate solutions, Lincoln manages, leases, develops, and provides advisory services to owners and occupiers of office, life science, retail, industrial, data center, production studio, and mixed-used properties. Lincoln's combined management and leasing portfolio on behalf of institutional clients includes approximately 500 million square feet of commercial space. In addition to providing third party real estate services, Lincoln, which was founded in 1965, has principally acquired and developed more than $24 billion and 62 million square feet of commercial projects since 2018. For more information, visit: www.lpc.com.