LBX Investments has acquired the mixed-use property known as Fort Totten Square from JBG Smith for a total of $86.8 million. The sale was reported by the Washington Business Journal and includes a partnership with Broadwill LLC.
The 425,000-square-foot property is located at 5661 Third St. NE and features 345 apartments, ranging from studios to two-bedrooms, along with 130,000 square feet of retail space anchored by Walmart. Amenities include a clubhouse, fitness center, two courtyards and a pool.
JBG Smith’s predecessor developed Fort Totten Square which is conveniently situated just blocks away from the Fort Totten Metro station in DC.
In addition to Walmart as an anchor tenant in the retail space other popular retailers such as Subway,Five Guys,and Wing Stop are also tenants within this development project.JBG Smith previously sold another Walmart-anchored development called77 H St.NWto Clarion Partners back in2014.This latest sale marks their second successful venture into developing and selling properties anchored by this major retailer.
