On Wednesday, Lincoln Property Company announced the acquisition of Cityline at Tenley, a thriving retail center located in Washington D.C.’s affluent Upper Northwest submarket. The property spans 87,460 square feet and is fully leased with Target as its anchor tenant. This strategic purchase marks an important milestone for Lincoln’s necessity retail investment strategy and further solidifies their presence in the DC market.
The retail center, situated at 4101 Albemarle St., is part of a mixed-use redevelopment project that transformed a historic Sears department store built in 1941 into a modern shopping destination. In addition to its prime location above the Tenleytown Metrorail Station, Cityline at Tenley also features 204 residential condominiums across four floors.
According to Jim Dillavou, Lincoln’s national head of retail investments and capital markets: “Despite challenges posed by high interest rates on real estate transactions overall, we have seen continued growth in necessity-based retail.” He added that this particular asset presented an exceptional opportunity due to its strong tenant mix within an excellent trade area.
In addition to Target as the anchor tenant, other notable retailers include Ace Hardware,Bank of America,and The Container Store.The Framing Studio also occupies space within this standalone site.Lincoln has strategically chosen not only to acquire this well-performing facility but also expand their portfolio within DC through similar investments.
