New Owners for The Kingsley in Alexandria

PHOTO of The Kingsley, which includes a Harris Teeter grocery store on the ground level, courtesy of The Kingsley.

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500 Madison Venture, LLC announced Wednesday that it has sold its mixed-use development, The Kingsley, to LaSalle Investment Management. LaSalle Investment Management is located in Baltimore.

The Kingsley is a recently completed development project in Old Town Alexandria that includes 175 luxury apartments atop Harris Teeter. Completed in June of 2014, The Kingsley is currently more than 90 percent occupied.

“The Kingsley is truly an extraordinary project,” said Robert E. Buchanan, a principal with Buchanan Partners. “The combination of new construction, luxury finishes, onsite amenities, and Potomac River views is hard to find in a charming, historic neighborhood like Old Town. It has been very well-received and recognized with several prestigious industry awards.”

“The Kingsley is a tremendous joint venture success story for Principal Real Estate Investors, with solid execution from ground breaking through lease up,” said Rob Klinkner, Eastern States Region Managing Director-Asset Management for Principal Real Estate Investors.

Accolades for The Kingsley include an award for interior design from the Great American Living Awards (GALA) in 2015, the ‘Best Mixed-Use Building’ award from the Northern Virginia chapter of NAIOP in 2014 and is recognized by the US Green Building Council as a LEED Silver certified for new construction.

The Kingsley was developed by a partnership of Gaithersburg, Md.-based Buchanan Partners and Bethesda, Md.-based The Pinkard Group, with Principal Real Estate Investors as the majority equity partner. Additional equity partners include Buvermo Investments and Theo Androus.

The Washington office of Eastdil, together with HFF represented the seller, 500 Madison Venture, LLC.

Here’s more information, from the news release, about the companies and developers involved in the deal:

About Buchanan Partners
Buchanan Partners is one of the leading commercial and residential real estate developers in the Washington, DC metropolitan area, with a solid reputation for integrity, innovation, and community involvement. Over the last decade, Buchanan Partners has acquired, planned, or developed over 2,300 acres of commercial and residential land as well as over five million square feet of property including office, industrial, flex, retail, and mixed-use projects. For more information, visit: www.buchananpartners.com.

About The Pinkard Group
The Pinkard Group is a real estate development and investment company that focuses on adding value to properties it acquires throughout the Washington DC metropolitan area. Recognizing the need for global real estate investors to have trusted local partners, the firm was founded in 2010 and offers a platform noted for deep market knowledge, extensive relationships and thorough understanding at the property level. The Pinkard Group is currently investing Pinkard Fund II, the second in its series of commingled discretionary real estate funds focused on investment opportunities across the spectrum of commercial and residential product types in the greater Washington DC area. For more information visit: www.pinkardgroup.com.

About Principal Real Estate Investors

Principal Real Estate Investors manages or sub-advises $61.3 billion in commercial real estate assets[1]. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.